HomeMy WebLinkAbout2344(c) Replacements, the amount for which will not
exceed 1158 of the budget•for this account for the prior year.
(d) Betterments, which shall include the funds to
be used for capital expenditures for additional improvements or
additional personal property that will be part of the common
elements, the amount for which shall not exceed $10,400= provided,
however, that in the expenditure of this fund no sum in excess of
$2,500 shall be expended for a single item or purpose unless the
item or purpose has been approved by the members in the manner
required by the Declaratian of Condominium.
(e) Provided, however, that the amount for each
budgeted item may be increased over the foregoing limitations when
approved by members entitled to cast not less than a majority of
the votes of the entire membership of the Association.
(f) It is further provided, that until the
Developer of the condominium has completed all of the contemplated
improvements and closed the sales of all units of the condominium,
or until January 1, 1982, or until the Developer elects to pay its
` pro rata share of assessments for common expenses, whichever shall
first occur, there will be no budget for the condominium. Insteaa,
the owners of units that have been sold by the Developer will be
assessed for common expenses at the rates stated in the prospectus
for purchase of units, and the Developer will be assessed for the
amounts by which the common expenses exceed the amounts assessed
against the owners of units sold by the Developer. During this
period no provisions will be made for betterments or capita~ sur-
plus. However, no construction mortgage shall have the liability
or responsibility of fulfilling the Developer's obligations under
this provision.
(g) Copies of a proposed budget and proposed assess-
ments shall be delivered or mailed to each member not less than
thirty (30) days prior to the meeting of the board of directors at
which the proposed budget will be considered for adoption, together
with a notice of that meeting. If the budget is amended subsequent-
ly, a copy of the amended budget shall be furnished to each member.
6.3 Assessments. Assessments against the apartment
owners for their shares of the items of the budget will be made for
the calendar year annually in advance on or before December 20
preceding the year for which the assessments are made. Such
assessments will be due in advance in equal quarterly installments
on January 1, April 1, July 1, and October 1 of the year for which
the assessments are made. If an annual,assessment is not made as
required, an assessment will be presumed to have been made in the
amount of the last prior assessment and quarterly installments on
such assessment will be due upon each installment payment date until
changed by an amended assessment. In the event the annual assess-
ment proves to be insufficient, the budget and assessments may be
amended at any time by the Board of Directors i£ the accounts of the
amended budget do not exceed the limitations for that year. Any
account that does exceed such limitation will be subject to the
approval of the membership of the association~as previously required
by these Bylaws. The unpaid assessment for the remaining portion of
the calendar year for which the amended assessment is made will be
due upon demand, or as of the date when the next quarterly payment
shall be due.
6.4 Assessments for Charges. Charges by the Association
against members for other than common expense shall be payable in
advance. Those charges~may be collected by assessment in the same
manner as common expenses, and when circumstances permit, those
charges shall be added to the assessment for common expenses.
Charges for other than common expense may be made only after
approval of a member, and may include but shall not be limited to
charge$ for the use of condominium property when authorized by the
-6-
B~JOK •.~~Q P~~~~ 2342
I
~~..~.~..~~~.,... ... . - ?_ ~ .:. ~~~