Agenda - Council - 02/28/1984 - Laserfiche WebLink

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I I I I I I I I I I I I I I I o£ the Common ~roperty, and such portion of ',.ha m-mual assessment. ·o det. erm~Lned aha].l be separated t,rhan collected and deposited tn a separate account apart. from the other funds of the Association, ~hich tunda aa separated ·hall be imposed with a t~uat to be applied by the Association for the purposes for which the funds were deter~=ined and aaSresa~ed. Within the £oresoin~ l~J~ttetiona, the ~oard of D/rectors abel! be under an obligatto~ to FAx an annual assessment ~hlch ia adequate bo cover anticipated operating expenses and an adequate reserve Ear replacement with respect ~o the COa~K~ Property o~ned by'the Association. ~ection 4. Special ~ssesemant~: In addition to the annual assessments authorized above, the Asaocixtion lay levy /n any asaeasmen~ year · special assessment applicable to that yea~ only for the Purpos. e of paying unforeseen expenses and costs incurred in connection ~Ath eamrgemcias, to ~tmd operating deficit, s, bo pay, in whole or in pe~t, the cost of any construction, recon- stpuction, repair or replacement of · capital tmprevement upon the Common Pro- p~pty including ~ixtupes and personal proper'tF related there~o, provided that any such assessment shall have the assent of the Owners of 75~ or more oF the units. All special assessments shall be payable at such times as the Board of' ~lrect~rs of' the Association la~ determine. Section 5. Uniform Rate of Assessment: Both annual and special assess- meats must be fixed at a uniform rate ~or all members.. ~ection 6. Da~e of. Co~nencement of Annual Assessment. s: The annual assessments provided for herein shall core.rice aa to all unit~ on the f.irst day of the month follo~/ng the conveyance of the Cc~m~on Property by the Declarant. The first annual assessment aha11 be adjusted according to the number oF months then remaining in that calandar year. The Board of D/rect~r· shall fix the amount of the annual asseas~mnt a~ains~ each unit at leut thirty (30) days in advance of eac~ annual assessment period. #rltten notice of the annual assessment shall be sent ~o ever~ O~ner subject thereto. The due da~es aha11 be established by the Board of Directors. The Association shall, upon demand and for · reason- · bls charge, furnish · certificate eigmed b~ an officer oF the Association setting f.or~h ~hether or not the an·es·manta oa · specified unit have been pa~d, and the amount of unpaid asae~smante. Such cert~Jcate shall be binding upon the Association. Section ?. Lien Foe ASSessments and ~emediea of' Association: All auras assessed to any unit pursuant to this Article, IF not paid t~en due, shall bo~;et,beP -10-