Condominium Declaration - Laserfiche WebLink

Home Browse Search

� .�t �� J � - Owner or the Owner's authorized representative, furnish the resale disclosure certificate. The . Association may charge a reasonable fee for furnishing the resale disclosure certificate and any documents related thereto. SECTION 6 � ASSESSMENTS 6.1 Generai. Assessments shall be determined and assessed against the Units by the • � Board, in its discretion,subject to the requirements and procedures set forth in this S�ction 6 and the Bylaws. Assessments shall inciude annuai Assessments under Section 6.2, and may include special Assessments under Section 6.3 and limited Assessments under Section 6.4. Annual and � special Assessments shall be al(ocated among the Units in accordance with the allocatian formula set forih in Section 4.2. Limited Assessments under Section b.4 shall be altocated to i Units as set forth in that Section. 6.2 Annual Assessments. Annual Assessments shall be established and levied by the Board, subject to the limitations set forth hereafter. Each annual Assessment shall cover all of the anticipated Common Expenses of the Association for that year which are to be shared equally . by ail Units in accordance with the allocation set forth in Section 42. Annual Assessments shall be payable in equal monthSy or quarterly installments, as determined by the Board. Annual Assessments shatl provide, among other things, for an adequate reserve fund for the replacement of those parts of the Common Elements and those parts of the Units for which the Association is responsible, except to the extent that the replacement is funded by limited Assessments pursuant to Section 6.4. Uniil the first annual Assessment is levied, Declarant shal! pay all Common Expenses. b3 Special Assessments. In addition to annual Assessments, and subject to the • limitations set forth hereafter, the Board may levy in any Assessment year a special Assessment against all Units in accordance with the allocation set forth in Section 4.2. Among other things, special Assessments shall be used for the putpose of defraying in whole or in part (i) the cost of any unforeseen and unbudgeted Common Expense, {ii) general or specific reserves for maintenance, repair,or replacement of any part of the Property,and(iii) the maintenance, repair, , i or replacement of any part of the Property,and any fixtures or other property related thereta 6.4 Limited Assessments. In addition to annual Assessments and special Assessments,the Board has the authority to(and, in certain instances set forth in this Section 6.4, shall) levy and allocate limited Assessments among only certain Units in accordance with the following reyuirements and procedures: � 6.4.i Any Common Expense associated with the maintenance, repair, or replacement of a Limited Common Element shall be assessed exclusively againsi each Unit or Units to which that Limited Common Element is assigned, equally or by the cost per Unit. 6.4.2 Any Common Expense benefiting fewer than al] of the Units, may, at the Board's discretion,be assessed exclusively against the Unit or Units benefited. MPLS-Word 95261.11 8 i i