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management and mainten~~n~e ~f thc~ Con~~--minium, includinq a
reasonahle allow~nce Ior ~c~ntingenci~cs ar~d reserves, ~s ~~rovided
by the Condominium Act, such b~~~lyet t~ take into account projected
anticipated income which is to be applied in the reduction of the
amounts required to be collected .~s an assess~nent each year. Upon
adoption of such annual budget as provided in the By-Laws of the
Association, copies of said budqet shall be delivered to each unit
owner of an apartment unit as providecl by the Condomini~m Act and
the assessment for said yeac shall be estalished based upon such
budget, although the delivery of a copy of said budget to each
unit owner shall not affect the liability of any unit owner for
such assessment. Should the Board of Directors, at any time
determine, in the sole discretion of the t3oard of Directors. that
the assessments levied are or may prove to be insufficient to pay
the cost of the operation and inanagement of the C~ndominium as
aforesaid, or in the event of emergencies, the said Board of
Directors shall have the authority to levy such additional
assessment or assessments as it shall deem to be necessary.
G. The Board of Directors of the Association,. in
establishing said annual budget for operation, management and
maintenance of the Condominium may include therein a sum to be
collected for maintenance as a reserve fund for replacement of
common elements and limited common elements, as provided by the
Condominium Act, rahich said reserve func~ shall be for the purpose
of enabling the Association to replace structural elements and
mechanical equipment constitutinq a part of th~ coR~~non elements
and limited common ele~nents, as well as replacement of personal
property which may constitute a portion of the comrr~on element held
for the joint use and benefit for all the unit owners of all
apartment units. The amaunts to he collected for such reserve
fund for replacements shall be established by the Board of
Directors so as to accrue and maintain at all times a sum
reasonably necessary to anticipate the need for replacement of
said common elements and limited comrr~on elements. The amount
collected and allocated to the reserve fund for replacements from
ti:~e to time shali be maintained in a separate interest-bearing
account by the Association, although nothing t,erein contained
shall limit Association from applying an}~ monies in such reserve
f unc~ for replacement to meet other needs or requiremenEs of the
Association operating and managinq the Condominium, and in the
event of emergencies, or in the event the s~ms oollected from the
unit owners of apartment units are insufficient to meet the then
fiscal financial requirements of the Association, but it shall not
be a requirement that these monies be used for such latter
ourposes, as a,separate assessment may be levied therefor if
~eemed to be preferable by the E3oard of nirectors of the
Association in the sole discretion of said Board of Directors.
H. All funds collected by the Association shall be
treated as a separate orol~erty of ~he Association, and such monies
:nay be applied by said Association to the payment of any expense
of operating and managing the Condominium, and to the proper
undertaking of all acts and duties imposed upon it by virtue of
this Declaration of Condominium, 'Articles of Incorporation and
By-Laws of the Association, rules and reaulations and the
iondominium Ac[. M~nics for an}~ ass~ssm~nt paid into the
Association by any unit owner of an apartment unit may be
~o:r,rningled with monies paid to the Association by other unit
~wners of apartment units within the C~n~~~minium. Althouqh all
funds and other assets of the Assaciation, and~any increments
thereto or profits derived therefrom, or frorn the leasinq or use
~f c~mmon el~ments, shall he held for the benefit of all the
members of the Association, no member of said Association shall
have the right to assign, apothecate, pledge or in any manner
transfer his interest therein, except as,an appurtenance to his
apartment unit. When the unit owner of an apartment unit shall
cease to be a member of the Association by reason of the
divestment of his ownership of said apartment unit, by whatever
means, the Association shall not be required to account to such
unit owner for any share of the funds or assets of the
Association, or which may-have been paid to the Association by
such unit owner, as all monies w1»ch any unit owncr has paid to
the Association shall be and c~nstitute an asset of the
_ ~ : _ a~'~ 3~ PacE 16`~'9