Condominium Declaration - Laserfiche WebLink

Home Browse Search

.,., , . ; � - � � � � 6.4 3 In addition to annual Assessments and special Assessments,the Board has - the autho ty to {and, in certain instances set forth in this Section 6.4, shall) levy and ' allocate ii ited Assessments among only certain Units in accordance with the following requireme ts and procedures. . - 6.4 4 The Gosts of insurance may be assessed in proportion of the square footage or actual c st�er llnit. ib.4 5 Reasonable attomeys' fees and other costs incurred by the Association in � connectio with (i) the collection of Assessments and (ii) the enforcement of the Governing Documents, the Act, or the Rules and Regulations, against an 4wner or Occupant r their tenants or guests,may be assessed against the Owner's Unit. 6. 6 Late charges, .fines, and interest may be assessed as provided in Section l . 6. .7 Assessments levied under Section S15B.3-llb(a) of the Act to pay a judgment gainst the Association may be levied only against the Units existing at the time the j dgment was entered, in propartion to their Common Expense liabilities. 6. .8 If any damage to the.Common Elements or another Unit is caused by the act or om ssion of any Owner or Occupant, or their guests•or invitees, the Association � may asses the costs of repairing the damage, or any increase in insurance rates directly attributabl to the Act or omission,exclusively against the Owner's Unit to the extent that - the dama is not covered by insurance. 6. .9 If Common Expense liabilities are reallocated for any purpose authorized by the Ac , Assessments and any installment thereof not yet due shall be recalculated in accordanc wiih the reallocated Common Expense liabilities Assessments lev ed under Sections 6.4.1 Ehrough 6.4.8 may, at the Board's discretion, be � , assessed as a part of,or in addition to,other Assessments levied under S��tion 6.l or 6.2: � 6.5 W rkin Ca ital-Fund. There shail be estabtished a working capital fund to meet � ' i unforeseen expe ditures or to purchase additional et�uipment or services for the Association. � The Board may include in each subsequent annual budget a reasonable amount of working capital,hased up n the anticipated needs of the Association for the year in question. There shall be contributed b the purchaser of a Unit, on a one-time basis upon the initial sale of each Unit by Declarant, an mount equal to four monthly installments of the estimated annual Assessment for the CJnit in th year of the sale. The contribution shall be paid at the earlier of(i)the time of closing of sale o the Unit or (ii)the time of termination of the Declarant Control Period. The contributions to is fund are in addition to the regular installments of annual Assessments, and shall not be a redit to the regular installments of annual Assessments levied against the respective Unit. he funds shall be deposited into a segregated Association account no later than � the termination f the Declarant Control Period. Funds deposited in said account shall not be used to defray a y of Declarant's expenses, reserve contributions or construction costs, nor to make up any bu get deficits during the Declarant Control Period. However, upon the clos�ng of the initial sale o a Unit, Declarant may reimburse itself from funds collected from the purchaser MPLS-WorQ 9528I.11 (� I