HomeMy WebLinkAbout1581 3. Dudget Increases. '
If a budget adopted by the Board reyuires
assessment against the unit owners in any calendar year exceeding
one hundred fifteen percent (1150 of the assessments for the
preceding year, the Board, upon written application of ten per-
cent (lOt) of the unit owners to the Board, shall call a special
meeting of the unit owners within thirty-(30) days after receipt
of such writte~~ application upon not' less than ten (10) days
written notice to each unit owner. At the special meeting, unit
owners shall c~~nsider and enact a budget. Adoption of the budget
shall require b vote of not less than a majority vote of all unit
owners.
In determining whether assessments exceed one
hundred fifteen percent (1151) of similar assessments in prior
years, any authorized provisions for reasonable reserves for _
repair or replacement of the condominium property, anticipated
expenses by the condominium association which are not anticipated
to be incurred on a regular or annual basis, or assessments for
-betterments to the conaominium property shall be excluded from
the computation. However, as long as-the developer is in control
- of the Board, the Board shall 'not impose an assessment for any
year greater than 115. percent of the prior calendar .year's assess-
ment without approval of-a majority of all unit owners.
D. Assessments.
Annual Meetings.
Assessments against the unit owners for their
- shares of the budget shall be made by the Board at the annual
meeting of the members of the Association following that in
which the annual budget_is held. Assessments shall be paid by
each unit owner in equal monthly payments on the first day of
each calendar month beginning with the month following the closing
of the purchase of a unit by an owner. Said payments shall be due
and payable automatically without notice. ~ -
- 2. Notice. ~
Notice of any meeting where assessments against _
- unit owners are to be considered for any reason shall specifically
contain a statement that assessments will be considered and the
nature of any such assessments.
E. Amendments to the Budget. -
If the annual assessment becomes insufficient-, in
the judgment of the Board, to provide funds for the anticipated
- current expenses for the ensuing quarters and for all of the unpaid
operating expenses previously incurred, the Board may propose an
amended budget which may be adopted by a majority of the unit
owners at a special meeting called for that purpose or by written
• consent of said majority. Notice of said meeting shall be given
in accordance with these By-laws and shall be accompanied by a
copy of the proposed amended budget.
F. Past-due Assessments. -
Any assessments more than sixty (60~ days past due
shall bear interest at the rate of ten percent (10$) per annum
from the date due thereof -until paid. TY~e Association shall have
a lien on each condominium parcel of the delinquent unit owner
' in accordance with the Condominium Act and the Declaration of
Condominium.
G. Assessments for Emergencies.
Assessments for common expenses or emergencies
that cannot be paid from the annual assessments or common expenses
-shall be due only after thirty (30) days notice is given to all -
unit owners and shall be paid in such manner as the BaaXd may
require in the notice of assessment.
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