04-25-2005 Council Packet - Laserfiche WebLink

Home Browse Search

J.If common expense liabilities are reallocated for any purpose authorized by the Act, Common Expense assessments and any instalment thereof not yet due shall be recalculated in accordance with the reallocated common expense liabilities. Assessments described in Subsectknis 9.01.A*I shall not be considered special assessments as described in Section 10.03. 9.02 Voting. 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 ASSESSMENTS 10.01 General Provisions . Section SlSB.3-1 IS of the Act specifies how assessments are messed and collected. Section SlSB.3-1 16 specifies how the lien for assessments is created and enforced, and to which interests it is either superior or subordinate. 10.02 Annual Assessments. Annual Assessments 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 mi^ provide, among other things, for contributions to a separate reserve fund sufficient to cover the perio^c cost of maintenance, repair and replacement of the Common Improvements and those parts of the Units for vriiich the Association is responsible, in accordance with the Association's reserve plan. The plan may assume that a portion of the future costs will be ftinded by future special assessments. 10.03 Special Assessments. In addition to the annual assosments authorized above, the Association may levy, in any assessment year, a special assessment payable over one or several messment years for the purpose of defraying, in whole or in part, die cost of any unforeseen or unbudgeled common expense, including without limitation the unexpected construction, reconstruction, repair or replaoement of a capital improvement and including fixtures and personal property related thereto, provided that any such assesanmt shall have the assent of not less than a m^ority of the Units. 10.04 Mqjnf^^pqoce Assessments. In addition to aimual and special assessments, the Association, 1^ the vole of a majority of the Units, may levy in any assessment year a maintenance assesanent for the pinpose of defraying in whole m in part the cost of curing a violation of a covoiant or fiulure to perform a condition contained in this Declaration after notice as provided in