HomeMy WebLinkAbout1738 (ii) Anticipated expenses by t:~e
Condominium Association which are not anticipated to be
incurred on a regular or annual basis; and
(iii) Assessnerts for bet=events to
tie Condominium Property.
(b) When Developer is ?n control:
Should a Budget requiring an Excess Assessment be adopted bv_
the Board before such time as the Purchaser ~e:mbers, as
nefined in the P,rticles, are entitled to elect a majority of
the Board as provided in tie Articles, :.hen a special meeting
of the Members shall be called by the 9oa~d which shall be
held within twenty (20) days after the 9udget Meeting. At
said special meeting, the Excess Assessment shall be presented
to the Members. If, at said special meeting of the Members,
a majority of the Members shall approve the Excess assessment,
then the Budget adopted by the Hoard shall be the final
Budget. If at said special meeting cf t:1e Members, a majority
of the Members shall not approve the Excess Assessmer.}, then '
the Board shall reduce such items of anticipated expenses in
the Budget other than the Excluded Expenses in an amount '
necessary so that the Budget adopted by the Boar of Directors
will not require an Excess Assessment..
(c) After Developer control is over:' -
Should a Budget requiring an Excess Assessment be adopted by
the Board after such time as the Purchaser Members are
entitled to elect a majority•of the Board, then upon written
application requesting a special meeting signed by ten (10~)
percent or more of the Members and delivered to the Hoard
within twenty (20) days after the Budget Keeting, the Hoard
shall call a saecial meeting to be held upon not less than
ten (10) days' written notice to each Member, but within
thirty (30) days of the delivery of such application to t:,e
3oard. At said special meeting, tre Members may consider
and enact a revision of the Budget. The enactmen~ of a -
revision of the Budget shall require approval of rot less
than two-thirds (2/3) of t:Ze Memoership. If such a revised _
Budget is enacted at said special meeting, then the revisec
Hudget shall be the final 3udget, or if a revised 3udget is
not enacte? at such special meeting, t:^en the 3udSet originally
adopted by the Board shall be the final 3udget. If no
written application is celivered, as provided herein, t:^.en
the Budget originally adopted by the 3oa.3 s::^.ail be t~:e
:final 9udget.
(d) No 9oarc of Directors shall be
requi=ed to anticipate revenue from Assess;zents or exile..^.d
`•~ds to pav fo: Cotrmon ?:cpenses ^ot iacZuded i:~ t1e 3ucaet
or which s;^a+? exceed :.c:cceted - ==*~s , a::d ::0 9oard o= Di: Qctcrs
s::a'__ be =e~::~=ed tc ergace ref:__t -erd:-•c. '
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