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If a budget is adopted by the Board of Directors which
requires assessment against the Unit Owners i~ any f.iscal or
calendar year exceeding 115% of such assessments for the
preceding year, upon written appl~~ation of ten percent
;~^°!) of the Unit Owners to the Board of Directors, a snecial
meeting of the Unit Owners (members) shall be held upon not
less thaii ~cr~ ~~0) days written notice to each Unit Owner,
but within thirty (30) days of the delivery of such application
to the Board of Directors or anv 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 Board of Directors may in
any event propose a budget to the Unit Owners at a meeting
of inembers or by writing~ and if such bud~et or proposed
budget be approved by the Unit Owners at the meetin~, or bv
a majority of their whole number by a writing, such budget
shall be adopted and such budget ~hall not thereafter be
reexamined by the-Unit Owners in the manner hereinabove set
forth. In determining whether assessments exceed 115%, of
similar assessments in prior years, there shall be excluded
in the computation anv authorized provision for reasonable
reserves made by the Board of Directors in respect of renair
or replacement of the Condominium Property or in respect of
anticipated expenses by the Association which are not- anticinate~
to be incurred on a regular or annual basis and there shall
be excluded from such computation assessments for reserves
for betterments to the Condominium Propertv. Provided~
however, that so lonQ as the Develoner is in control of the
Board of Directors, the Board shall not imnose 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 may require that a
fidelit_y bon~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 bv members of the
corporation ror the 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 corpo~aCion 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 he made in cash to the
members at anv time. ~
Section 8.
' A. The Board of Directors of the A_ssociation 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 Common Elements
and the Limited Common Elements, costs of carrving out the
powers and duties of the Association, all insurance premiums
and exnenses related thereto, including fire and extended
coverage and liability insurance~ reasonable reserves and
contingency funds, and any other expenses desipnated
a~;K3~9 rnc~ ~