HomeMy WebLinkAbout1104 year, upon written application of ten percent (108) of the Unit
Owners to the Hoard of Directors, a special meeting of the Unit
Owners (members) shall be held upon not less than ten (10) days
written notice to each Unit Owner, but within thirty (30) days of
the delivery of such application to the Board of Directors or any
member thereof, at which special meeting Unit~Owners shall consider
and enact a budget. The revision or adoption of the budget shall
require a vote of not less than three-fourths (3/4) of the whole
number of all Unit Owners. The Soard of Directors may in any
event propose a budget to the Unit Owners at a meeting of members
or by writing, and if such budget or proposed budget be approved
by the Unit Owners at the meeting, or by a majority of their.
whole number by a writing, such budget shall be adopted and such
budget shall not thereafter be reexamined by the Unit Owners fn
the manner hereinabove set forth. In determining whether assess-
ments exceed 1158 of similar assessments in prior years, there
shall be excluded in the computation any authorized provision for
reasonable reserves made by the Board of Directors in respect of.
repair or replacement of the Condominium Property or in respect
of anticipated expenses by the Association which are not anticipated
to be incurred on a regular or annual basis and there shall be
excluded from such computation assessments for reserves for
bettenaents to the Condominium Property. Provided-, however, that
so-long as the Developer is in control of the Board of Directors,
the Hoard shall not impose an assessment for a year greater than
115$ of the prior fiscal or calendar year's assessment without
approval of a majority of the Unit Owners.
Section 6. The Board of Directors shall require that a
fidelity and shall be obtained for all officers or directors of
the Corporation who control or disburse the Corporation funds.-
The amount of such bond shall be determined by the Board of
Directors and the premium on such bond shall be paid by the
Corporation as an item of general expense.
Section 7. All assessments paid by members of the Corporation
for t e maintenance and operation of the Condominium shall be
utilized by the Corporation for the purpose of said assessments.
Any excess of monies received from said. assessments paid by any
members shall be held by the Corporation for the use and benefit
of the members. Any surplus held by the Corporation after the
payment of expenses for maintaining and operating the general -
common elements shall be considered as general surplus and held
for the benefit•of all members. No distributions of any surplus
shall be made in cash to the members at any time.
f Section 8.
a The Board of Directors of the Association shall fix and
determine from time to time the sum or sums necessary and adequate
for.the Common Expenses of the Condominium. Common Expenses
shall include expenses for the operation, maintenance, repair or
replacement of the Coaannon Elements and the Limited Common Elements,
costs of carrying out the powers and duties of the Association,
all insurance premiums and expenses related thereto, including
fire and extended coverage and liability insurance, reasonable •
' reserves and contingency funds, the. assessments of the Property
Owners' Association (if included), and any other expenses designated
as Common Expenses from time to time by the Board of Directors of
the Association, or under the provisions of the Declaration of
Condominium to which these By-Laws are attached. The Board of
Directors is specifically empowered on behalf of the Association,
~ to make and collect-assessments and to lease, maintain, repair
and replace the Common Elements and Limited Common Elements of
the Condominium. Funds for the a
p yment of Common Expenses shall
be assessed against the unit Owners in the proportions or percentages
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