HomeMy WebLinkAbout1166~in:~1e expen~iturc- for rhe imr.~roveir;ent of the
ccr^r~~n ele~ent.s exceeding 52,0(1(!.00 per annum shall
~ he mac~e wirhout the ap~rovai ~~f seventy-f i~-e (75~)
of the n~embership, excPpt for the repair of fhe
concjominium property due to casualt-y loss,
emergency repairs immediat.ely necessary for the
prese--vation and safety o£ fhe ~roperty, for the
safety of persons, or as required to avoid
suspension of any necessary ser~~ice to the
condominium.
(i) Within 60 days following the enc~ of the fiscal year
of the Association, the E~aard of Directors
shall mail or furnish by ~~ersonal delivery ~o each
unit ~~vner a complete financial rep~rt of actual
receipts and expenditures for tt~e previous 12
mont.hs. The report shall sho~~ the amounts of
receipts by accounts and receipt classifica~ions
and shall show~the amounts of expenses by accounts
an~ expense classifications including, if
applicahle, but not limited to the follo~..•ing:
1. Cost for security; ~
' 2. Professional and r.:anaqement fees and
expenses;
3. Taxes;
4. Cost for recreation facilities;
S. Expenses for refu~e c~llection and
utility ser~~ices;
6. Expenses for lawr. care;
7. Cost for huil~ina maintenance and
repa i r;
S. Insuranc e costs;
9. Ac~ministra`ive ~nd salary ex.penses;
and
10. General reser~es, maintenances reserves,
and deFreciation C~SPrV~?S.
' AR'PICLE IY.
CORPnRATF SEAL
The seal of the Associat_ion shall have i;:~cribed thereon the
name of the Associat ion, t-he year of i t-s oraan i zat ion, and the
words "t:on-Profit". The seal may be usP~ by causing it or a
facsimilie rhereof ro be impressed, affixed, reproduced or
otherwise.
ARTICLE Y.
DEFAULT
Secti.on 1. Enforcement of T.ien: In the event a unit owner
does not pay any sums, charaes or assessm~nts required to be paid
to the Associat_ion within thirty (3~1 day~ from the due date, the
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