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is made. The report shall be deemed to be furnished
Member ~pon its delivery or mailing to the Member at
last known address shown on the Address Register.
to the
his
7.3 Until the provisions of Section 718.112(2)(f)
of the Condominium Act are declared invalid by the Courts, or
until amended by the Legislature, the following shall be applicable:
(a) Should the Budget adopted by the Board at
the Budget Meeting require Assessments against the Membershin
of an amount less than ane hundred fifteen per cent (1159',) of
such Assessments for the prior year, the Budget shall be
deemed approved by all -4er.ibers . I£, however , the Assessments
required to Meet the Sudget exceed one hundred fifteen percent
(1157,) ~f such Assessments for the preceding year (an "Excess
Asse~srr.ent"), then the pravisions of tne subsectiar.s 7.3(b), (c~
and (d) hereof shall be applicable, There shall be excluded
in the computation of the Excess Assessr~ent the following expenses
(the "Excluded Expenses"):
(i) Reasonahle reserves in respect of renair
or replacement of the Condominium Pr~~Qrty;
(ii) Anticipated expenses by the Association
which are not anticipated to be incurred on an annual or
re~-ular basis ;
(iii) Assessments for betterments to the
Condominium PXOperty,
(b) l;pon written application of not less than ten
percent (10%) of the :4embers, a special meetin~ of the Members
shall be held, upon not less than ten (10) days written notice
to each tiember but within thirty ~(30) days of the delivery of
such written anplication to the Board or any member thereof,
at which special meeting Members may consider and enact a
revision of the Budget. The revisior. of the 3ud~et shall require
a vote of a tnaj ori ty of the ~ier~bers . _
(c) The Board r~ay, in any event, propose a
B~.~d~et 'to the ;~iembership at a~:eeting of the Me^:bers or by _
~riting and, if sucn Buc~get or prGposed Budget be approved by
the :~e-:zbers at such meetirc or bv a rr.ajority of the Members in
aritin~, such Rudget shall be deemed ado~ted ar.d shall not
thereafter be re-exa~rined by the ~e~rbers in the r~anner set forth
in paragraph (b).
(d) As lon~ as the Developer is in control of
the Board (i:e., has.desi~nated a majority of the members of the
Board), the Baard shall not impose an Asse~sr~ent for any year
greater than one hundred fifteen per cent (1157,) of the prior
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EXHIBIT C Page 10 of 12 pages