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A. All asse.ssments for common expenses for
operation, maintenance and management of the Condominium levied
againist the unit awners of apartment units and said apartment
units shall be made as provided in Article IVIII.
B. The assessments made against each apartment
unit and the owner thereof by the Association for common expenses
for operation, management and maintenance of the Condominium shall
be determined by multiplying the total assessment levied for said
common expense by each apartment unit owner's percentage of common
expenses as follows:
APARTMENT NUMBER
0
102
103
104
105
201
202
203
204
205
FRACTIONAL INTEREST OF
COMMON EXPENSES
1/lOth
1/lOth
1/1Qth
1/lOth
1/lOth
1/lOth
1/lOth
1/lOth
1/lOth
1/lOth
C. All of said assessments shall be without,
however, in any event, increase or dimunition for the existence or
Zack of existence of any exclusive right to use an area
contituting a limj.ted common element which may be an appurtenance
to any apartment unit. Should the Association be the owner of any
apartment unit or apartment units in the Condominium, the
assessments which would otherwise be due and payable to the
Association by the owner of such apartment unit or apartment units
reduced by the amount of income which may be derived from the
leasing of such apartment unit or apartment units by the
Association, shall be apportioned, and the assessment therefor
shall be levied among the owners of all apartment units in the
Condominium which are not owned by the Association. The said
assessments made against each apartment unit and the owners
thereof shall be made in the same manner as heretofore provided in
Article XVIII for assessments levied for common expenses for
maintenance and management of the Condoininium.
D. "Common Surplus"meaning all funds and other
assets of the Association (including but not limited to
assessments, rents, profits and revenues from whatever source
whatsoever, over the amount of common expenses) shall be owned by
the unit owners of aIl apartment units in the Condominium, and the
share of the common surplus of each owner or owners of each
apartment unit shall be as stated as provided in percentages in
Article VI; provided, however, that said commQn surplus shall be
held by the Association in the manner, a~nd subject to the terms,
provisions and conditions hereof imposing certain limitations and
restrictions upon the use and distribution of said coznmon surplus.
Except for distribution~of any insurance indemnity herein
provided, or termination of the Condominium, any distribution of
com.mon surplus which may be made from time to time shall be made
to the then owners of apartment units in accordance with their
said share in the common surplus as declared herein.
E. The assessment levied against the owner of each
apartment unit and his apartment unit shall be payable in
quarterly or monthly installments, or in such other installments
and at such times as may-be determined by the Board of Directors
of ~the Association.
F. The Board of Directors of the Association
shall establish an annual budget in advance of each fiscal year as
provided by the Condominium Act which shall commence with the calendar
year, and such budget shall project all expenses for the forthcoming
year which may be required for the proper operation,
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