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(a) Current expense, the amount for which will not exceed 115$
of the budget for this account for the prior year.
(b) Deferred maintenance, the amount for which will not exceed
115$ of the budget for this account for the prior year.
(c) Replacements, the amount for which will not exceed 115$
of the budget for this account for the prior year.
(d) Betterments, which shall include the funds to be used for -
capital expenditures for additional improvements or additional personal property that
will be part of the common elements, the amount for which shall not exceed ;10,000;
provided, however, that in the expenditure of this fund no sum in excess of x2,500 shall
be expended for a single item or purpose unless the item or purpose has been approved
by the members in the manner required by the Declaration of Condominium .
(e) Provided, however, that the amount for each budgeted item
may be increased over the foregoing limitations when approved by members entitled
to cast not less than a majority of the votes of the entire membership of the Association .
(f) It is further provided, that until the Developer of the condominium
has completed all of the contemplated improvements and closed the sales of all units of
the condominium, or until January 1, 1982, or until the Developer elects to pay its
pro rata share of assessments for common expenses, whichever shall first occur, there
will be no budget for the condominium. Instead, the owners of units that have been
sold by the Developer will be assessed for common expenses at the rates stated in the
prospectus for purchase of units, and the Developer will be assessed for the amounts
by which the common expenses exceed the amounts assessed against the owners of
units sold by the Developer. During this period no provisions will be made for
betterments or capital surplus . However, no construction mortgage shall have the
liability or responsibility of fulfilling the Developer's obligations under this provision .
(g) Copies of a proposed budget and proposed assessments shall be
delivered or mailed to each member not less than thirty (30) days prior to the meeting
of the board of directors at which the proposed budget will be considered for adoption,
together with a notice of that meeting. If the budget is amended subsequently. a copy
of the amended budget shall be furnished to each member .
6.3 . Assessments . Assessments against the apartment owners for their shares
of the items of the budget will be made for the calendar year annually in advance on or
before December 20 preceding the year for which the assessments are made. Such
assessments will be due in advance in equal quarterly installments on January 1, April 1,
July 1, and October 1 of the year for which the assessments are made . If an annual
assessment is not made as required, an assessment will be presumed to have been made
in the amount of the last prior assessment and quarterly installments on such assessment
will be due upon each installment payment date until changed by an amended assessment.
In the event the annual assessment proves to be insufficient, the budget and assessments
may be amended at any time by the Board of Directors if the accounts of the amended
budget do not exceed the limitations for that year . Any account that does exceed such
limitation will be subject to the approval of the membership of the association as pre-
viously required by these By-Laws . The unpaid assessment for the remaining portion
of the calendar year for which the amended assessment is made will be due uprn
demand, or as of the date when the next quarterly payment shall be due.
6.4. Assessments for Charges. Charges by the Association against
members for other than common expense shall be payable in advance. Those charges
may be collected by assessment in the same manner as common expenses, and when
circumstances permit, those charges shall be added to the assessment for common
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