02-14-2005 Council Packet - Laserfiche WebLink

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J.If common expense liabilities are reallocated for any purpose authorized by the Act, Common Expense assessments and any installment thereof not yet due shall be recalculated in accordance with the reallocated common expense liabilities. Assessments described in Subsections 9.01,A-I shall not be considered special assessments as described in Section 10.03. 9.02 Votins. Each of the Units is allocated one vote in the Association. 9.03 Reasonable Estimates. Whenever an expense that is allocable to Units to which a Limited Common Element is assigned under Section 9.01 .A, to certain benefited Units under Section 9.01 .B, or to certain Units on the basis of use of utilities under Section 9.01 .C, is not separately metered or cannot otherwise be precisely measured, the Association may make a reasonable estimate thereof, and based on such estimate, may adopt for convenience a simple flat fee per each such Unit. 9.04 Formula. The allocation of interests specified in Section 9.01 above is based on equality. 10.00 ASSESSMENI^ 10.01 General Provisions. Section SiSB.3-1 IS of the Act specifics how asses*'~<cnts arc assessed and collected. Section SI SB.3-1 16 specifics how the lien for assessments is created and enforced, and to which interests it is cither superior or subordinate. 10.02 Annual Assessments. Annual Asses.sments shall be established and levied by the Board. Each annual assessment shall cover all of the anticipated Common Expenses of the Association for that year. Annual assessments may provide, among other things, for contributions to a separate reserve fund sufficient to cover the periodic cost of maintenance, repair and replacement of the Common Improvements and those parts of the Units for which the Association is responsible, in accordance with the Association’s reserve plan. The plan may assume that a portion of Uic future costs will be funded by future special assessments. 19-03 Special Assessments. In addition to the annual assessments authorized above, the Association may levy, in any assessment year, a special assessment payable over one or several assessment years for the purpose of defirajring, in whole or in part, the cost of any unforeseen or unbudgeted common expense, including without limitation the unexpected construction, rccon.struction, repair or replacement ofa capital improvement and including fixtures and personal property related thereto, provided that any such asscs.smcnt shall have the assent of not less than a majority of the Units. 10.04 Maintenance Assessments. In addition to annual and .special assessments, the As.sociulion, by the vote of a majority of the Units, may levy in any assessment year a maintenance assessment for the purpose of defraying in whole or in part the cost of curing a violation of a covenant or failure to perform a condition contained in this Declaration after notice as provided in