HomeMy WebLinkAbout0199 (f) As luny as Developer is in control of the
Association, the Association shall not impose an
assessment for any year greater than one hundred
fifteen percent (1158) of the prior fiscal year's
assessment without approval by a majority of all
votiny members.
(g) Notwithstanding anything in these By-Laws or the
Declaration which authorizes expenditures, no
single expenditure for tt~e improvement of the
common elements exceeding $2,000.00 per annum shall
be made without the approval of seventy-five (75~s)
of the membership, except for tt~e repair of the
condominium property due to casualty loss,
emergency repairs immediately necessary for the
preservation and safety of the property, for the
• safety of persons, or as reyuired to avoid
suspension of any necessary service tu.the
condominium.
ARTICLE IX
CORPORATE SEAL
The seal of tt~e Association shall have inscribed thereon the
name of the Association, the year of its organization, and the
words "Non-Profit". The seal may be used by causing it or a
facsimilie thereof to be impressed, affixed, reproduced or
otherwise.
ARTICLE X
DEFAULT
Section 1. Enforcement of Lien: In the event a unit owner
does not pay any sums, charges or assessments required to be paid
to the Association within thirty (30) days from the due date, the
Association, acting on its own behalf or through its Board of
Directors, nay enforce its lien for assessments. to which it is
entitled, in accordance with the Declaration and provisions of
s law.
Section 2. Proceeds of Sale: If the Association becomes
~ the owner. of a unit by reason of foreclosure, it shall offer said
"unit for sale and at such time as a sale is consummated, it shall
deduct from the proceeds of said sale all sums of money due it for
assessments and charges, all costs incurred in the bringing of the
foreclosure suit, including reasonable attorneys' fees, and any
and all expenses incurred in the resale of the unit, which shall
include but not be limited to advertising expenses, real estate
brokerage fees and expenses necessary for ttre repairing and
refurbishiny of the unit. All monies remaininy after deductiny
tt~e foregoing items of expenses shall be returned to the former
( owner of the unit. _
Section 3. Violations: In the event of violation of the
provisions of the ieclaration, articles of Incorporation or these.
By-Laws, for thirty (30) days after notice from the Association to
3 th^ un i t owner to corr~~c t :~a ici E,rt~acir or v io to lion, the
Association, on its own behalf or through its Board of Directors,
may briny ac~uroori~te acti~~n to ~~njoiri such •~iolatio7 or ;gay
enforce the ;provisions of said documents, or may sue for damages,"
BOOK JJ~ PdGf 199
E -14
- _