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(h) Assessments are due on tt~e dates stated in the
notice of assessment, and thereafter shall bear
interest at ten (10$) percent per annum until
paid. -
(i) In the event an assessment is not paid within ~
fifteen (15) days of the date it is due and i
payable, the Association through the Board of
Directors, may-proceed to enforce and collect said
assessment from the delinquent owner in any manner
provided by the Condominium Act, the Declaration
and these By-Laws. Each condominium parcel owner
shall be individually responsible for the payment
of reasonable attorneys' fees acrd costs incurred by
the Association in tE~e collection of sums due and
- enforcement of any lien held by the Association.
(j) The Board of Directors may authorize ttie President
to enter into a management contract with third
parties to whorl the power to levy anil collect
assessments may be delegated.
(k) All sums collected by the Association from
assessments may be commingled in a single fund or
- divided into more than one fund, as determined-by
the Board of Directors. -All assessment payments by
a unit owner shall be applied as provided-herein
and in the Declaration of Condominium.
(1) Any unit owner shall- have the rigEit to require from
the Association, a certificate showing tt~e amount
of unpaid assessments against him with reyard to
his condominium parcel. The holder of a mortgage
or other lien shall have the same right as to any -
condominium parcel upon which it has a lien. Any
person other than owner wt~o relies upon such
certificate shall be protected thereby.
Section 9. Budyet:
(a) TEre Board of Directors is empowered to propose and
adopt the budget for the Condominium.
i
(b) t~otice of the meeting and a copy of a proposed
annual budget of common expenses shall be mailed to
the unit owners not less -than thirty (3U) days
- prior to tEie meeting of the Board of Directors at
which the budyet will be considered. Such meetiny
shall be open to the unit owners. If a budyet is
t adopted by the Board of Directors which requires
assessments against the unit owners in any fiscal
year exceeding 115 percent of such assessments for
the precediny year, a special meetiny of the unit
owners shall be -held, if requested in writing by at
least ten percent (10~) of the unit owners, to
consider and enact a revision of the budget, or
recall any and all members of the Board of
Directors and elect their successors. Such meeting
shall 5e held not less than ten (10) days after
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written notice is given to each unit owner, but not
morn than thirty (30) days .~Lter such mutiny has
been requested in writing. The revision of the
budyet or th~~ re•.:a11 of any ,r all me~r~bcrs of the
Boar~E of Directors shall reUUir~ a vote of not less
" BOQK PAGE 19
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