Laserfiche WebLink
� ^.� <br /> � , . <br /> I - . <br /> i <br /> I - . <br /> 6.4.3 In addition to annual Assessments and special Assessments,the Boarc�has • <br /> t e authority to (and, in certain instances set forth in this Section 6.4, shatl) ]evy and <br /> ' llocate timited Assessments among only certain Units in accordance with the follo ing <br /> quirements and procedures. <br /> . 6.4.4 The costs of insurance may be assessed in proportion of tJ�e square fo age <br />� r actual cost per Unit. - <br /> ib.4.5 Reasonable attomeys' fees and other costs incurred by the Assaciati n in <br /> � ¢onnection with (i) the collection of Assessments and (ii) the enforcem�nt o the <br /> � t�'uoverning Documents, the Act, or the Rules and Regulations, against an Own r or <br /> 4ccupant or their tenants or guests, may be assessed against the Owner's Unit. <br /> 5.4.6 Late charges, .fines, and interest may be assessed as provide in <br /> ection 14. <br /> 6.4.7 Assessments levied under Section S 15B.3-116(a} of the Act to p y a <br /> udgment against the Association may be levied only against the Units existing a the <br /> ime the judgment was entered,in proportion to their Common Expense liabilities. <br /> 6.4.8 If any damage to the.Common Elements or another Unit is caused b� the <br /> . ct or omission of any Owner or Occupant, or their guests•or invitees, the Associ tion <br /> � ay assess the costs of repairing the damage, or any increase in insurance rates dir ctiy <br /> ttributable to the Act or omission,exclusively against the Owc�er's Unit to the exten that . <br /> - e damage is not covered by insurance. <br /> 6.4.9 If Common Expense liabilities are reallocated for any purpose autho 'zed <br /> y the Act, Assessments and any installment thereof not yet due shall be recalculat d in <br /> � ccordance with the reallocated Common Expense liabilities <br /> Assessr�ents levied under Sections 6.4.1 through 6.4.8 may, at the Board's discretio , be <br /> assessed as a part of,or in addition to,other Assessments levied under Se�tion 6.1 or 6.2: ' <br /> � 6.5 Workin�Capital Fund. There shall be established a working capital fund to eet • � <br /> � <br /> unfores en expenditures or to purchase additionat equipment or services for the Associ tion. � <br /> The B ard may include in each subsec}uent annual budget a reasonable amount of wo king <br /> capital,hased upon the anticipated needs of the Association for the year in qnestion. There shall <br /> be cont ibuted by the purchaser of a Unit, on a one-time basis upon the initiai sale of each Unit <br /> by Dec arant, an amount equal to four monthly instailments of the estimated annual Assess ent <br /> far the nit in the year of the sale. The contribution shall be paid at the earlier of(i)the ti e of <br /> closing of sale of the Unit or (ii)the time of termination of the Declarant Control Period. The <br /> contrib tions to this fund are in addition to che regular installments of annual Assessments and <br /> shal! n t be a credit to the regular installments of annual Assessments levied agains the <br /> respect ve Unit. The funds shafl be deposited into a s�gregated Association account no late than <br /> the te ination of the Declarant Control Period. Funds deposited in said account shall n t be <br /> used t defray any of Declarant's expenses, reserve contributions or construction costs, r to <br /> make any budget deficits during the Declarant Cantrol Period. However, upan the closi g of <br /> the init al sale of a Unit, Declarant may reirrtburse itself from funds collected from the purc aser <br /> MPIS-W rd 95281.i T C� <br /> � I <br />