Laserfiche WebLink
' ... <br /> , . . - <br /> � <br /> i - <br /> i . <br /> I - <br /> 6.4.3 In addition to annual Assessments and special Assessments,the Board h s • <br /> the authority to (and, in certain instances set forth in this Section 6.4, shall) levy a d <br /> ' � allocate iimited Assessments among only certain Units in accordance with the followi g <br /> requirements and procedures. <br /> . 6.4.4 The Gosts qf insurance may be assessed in proportion of the square foota e <br /> or actual cost per Unit. <br /> ib.4.5 Reasonable attomeys' fees and other costs incurred by the Assaciation n <br /> � connection with (i) the callection of Assessments and (ii) the enforcement of t e <br /> Gaverning Documents, the Act, or ihe Rules and Regulations, against an Owner r <br /> Occupant or their tenants or guests, may be assessed against the Owner's Unit. <br /> 6.4.6 Late charges, .fines, and interest may be assessed as provided n <br /> Section 14. <br /> 6.4.7 Assessments levied under Section S15B3-llb(a} of the Act to pay a <br /> judgment against the Assaciation may be levied only against the Units existing at t e <br /> time 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 by t e <br /> act or omission of any Owner or Occupant, or their guests•or envitees, the Associati n <br /> � may assess the costs of repairing the damage, or any increase in insurance rates direct y <br /> attributable to the Act or omissifln,exclusively against the Owcaer's Unit to the extent th t <br /> - the damage is not covered by insurance. <br /> 6.49 lf Common Expense liabilities are reallocated for any pu►pose authoriz d <br /> by the Acf, Assessments and any installment thereof not yet due shall be recalculated 'n <br /> accordance wi#h the reallocated Common Expense liabilities <br /> Assessments levied under Sections 6.4.1 chrough 6.4.8 may, at the Board's discretion, e <br /> assessed as a part of,or in addition to,other Assessments levied under Se�tion 6.1 or 62: � <br /> � 6.5 Workin�Canital_Fund. There shall be established a working capital fund to m t • � <br /> , <br /> - unforeseen expenditures or to purchase additionat equipment or services for the Associatio . � <br /> The Board may include in each suhsequent annual budget a reasonable arnount of worki g <br /> capital,hased upon the anticipated needs of the Association for the year in question. There sh I1 <br /> be contributed by the purchaser of a Unit, on a one-time basis upon the initial sale of each U it <br /> by Declarant, an amount equal to four monthly instailments of the estimated annual Assessme t <br /> for the Unit in the year of the sale. The contribution shall be paid at the earlier of(i)the time f <br /> closing of sale of the Unit or (ii)the time of termination of the Declarant Control Period. T e <br /> contributions to this fund are in addition to the regular installments of annual Assessments, d <br /> shal! not be a credit to the regular installments of annual Assessments levied against t e <br /> respective Unit. The funds shall be deposited into a s�gregated Association account no later th n <br /> the termination of the Declarant Control Period. Funds deposited in said account shall not e <br /> used to defray any of Declarant's expenses, resei-ve contributions or construction costs, nor o <br /> make up any budget deficits during the Declarant Cantrol Period. However, upan the closing f <br /> the initial sale of a Unit, Declarant may reimburse itself from funds collected from the purcha er <br /> M PLS-W ord 9528 i.i 1 C� <br /> I <br />