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1, preceding the year for which the budget ie made. If
the budget is amended subsequently, a copy of the amended
budget ehall be furnished to each member.
6.4 Aasessments agai~st the unit owners for their shares
of the iteme of the budget shall be made for the calendar year
annually in advance on or before December 20 preceding the year
for which the a8sessments are made. Such aesessments ehall be
due in two equal installments on the first days of January and
July of the year for which the assessments are made. If an
annual a8sessment is not made as required, an assessment shall
be presumed to have been made in the amount of the last prior
assessment and semiannusl installments on such assessment shall
be due upon each installment payment date until changed by an !
amended assessment. In the event the annual assessment proves
to be insufficient, the budget and assessments may be amended '
at any time by the Board of Directors if the accounts of the
amended budget do not exceed the limitations for that year.
Any account that does exceed such limitation shall be sub~ect
to the approval of the membership of the Association as
previously required by these By-Laws. The unpaid assessment
for the remaining portion of the calendar year for which the
amended assessment is made shall be due upon the date of the
assessment if made on or after July 1; and if made prior to
July 1, one-half of the increase shall be due upon the date of
the assessment and the balance of the assessment upon the next ;
July 1. 'Phe first assessment shall be determined by the Board ~
of Directors of the Association.
6.5 If a unit owner 8ha11 be in default in the payment of
an installment upon an assessment, the Board of Directors may
accelerate the remaining installments of the assessment~upon
notice to the uni~ owner, and then the unpaid balance of the
assessment shall come due upon the date stated in the notice,
but not less than ten (lU) days after delivery of the notice to
the unit owner, or not less than twenty (20) days after the
mailing of such notice to him by registered or certified mail, E
whichever shall first occur. `
j 6.6 Assessments for common expenses of emergencies that
~ cannot be paid from the annual assessments for common expenses
~ shall be made only af-ter notice of the need for such is given
to the unit owners concerned. After such notice and upon ~
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approval in writing by persons entitled to cast more than
one-half of the votes of the unit owners concerned, the •
j assessment shall become effective, and it_ shall be due after
thirty (30) days notice in such manner as the Board of
Directors of the Association may require in the notice of
assessment.
6.7 The depository of the Association shall be such bank ~
or banks as shall be designated from time_to time by the :
directors and in which the moneys of the Association shall be
deposited. Withdrawal of moneys from such accounts shall be
only by checks signed by such persons as are authorized by the E
directors. '
6.8 An audit-of the accounts of ~he Association shall be
made annually and a copy of the audit report shall be furnished
to each member not later than April 1, of the year following
the year for which the audit is made.
6.9 Fidelity bonds may be required by the Board of =
Directors from all persons handling or responsible for !
Association funds. The amount of such bonds shall be ~
determined by the directors, but shall not be more than the
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JORDEN. MELROSE 6 SCMUETTE. P A.. NINTH FIOOR. 1401 BitICKEII AVENUE, MIAMI. FLOIiIDA 33131 • TEIEPHONE (305) 373-7571 ~
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