Condominiium declaration - Laserfiche WebLink

Home Browse Search

� - ..•-Ts- �.. _ . i . � ' ' � , . - � . . . . . ' . I . ' ' ` i � . � I � b.4.3 In addition to annual Assessments and special Assessments,the Board h s - the'i authority to (and, in certain instances set forth in this Section 6.4, shall) levy a d ' allocate iimited Assessments among only certain Units in accordance with the followir�g requirements and procedures. I . I 6.4.44 The�asts of insurance may be assessed in proportion of the square foota�e or�ctual cos�per Unit. � - I b.4.5 Reasonable attorneys' fees and other costs incurred by the Association in ; codnection with (i) the collection of Assessments and (ii) the enforcement of e Governing Documents, the Act, or the Rules and Regulations, against an Qwner r Oc¢upant or their tenants or guests, may be assessed against the Owner's Unit. 6.4.6 Late charges, .fines, and interest may be assessed as provided in Sedtion 14. 6.4.7 Assessments levied under Section S15B.3-llb(a) of the Act to pay � jud�ment against the Assaciation may be levied only against the Units existing at th Eime the judgment was entered, in proportion to theiF Common Expense liabilities. � 6.4.8 If any damage to the.Common Elements or another Unit is cavsed by th act or omission of any Owner or Occupant, or their guests•or invitees, the Associatio may assess the costs of repairing the damage, or any increase in insurance rates direct] attributable to the Act or omission, exclusively against the Owraer's Unit to the extent th t - the�damage is not�overed by insurance. 6.4.9 lf Common Expense liabilities are reallocated for any purpose authorize�i by the Act, Assessments and any installment thereof not yet due shall be recalculated i accordance with the reallocated Common Expense liabilities � Assessments levied under Sections 6.4.1 Ehrough 6.4.8 may, at the Board's discretion, b� assessed as a part of,or in addition to,other Assessments levied under SeGtion 6.] or 62: � 6.5 Workin*�Capital-Fund. There shall be established a working capital fund to mee� � � unforeseenj expenditures or to purchase additionat equipment or services for the AssociaUon,. � The Board may include in each subsequent annual budget a reasonable amount of workin capital, hased upon the anticipated needs of the Association for the year in question, There shal� be contribu'ted by the purchaser of a Unit, on a one-time basis upon the initial sale of each Uni by Declarant, an amount equal to four monthly instailments of the estimated annual Assessmen for the Unit in the year of the sale. The contribution shall be paid at the earlier of(i)the time o closing of sale of the Unit or (ii)the time of termination of the Declarant Cantrol Period. Th� contributions to this fund are in addition to the regular installments of annual Assessments, an shal! not tie a credit to the regular installments of annual Assessments levied against th respective Unit. The funds shall be deposited into a segregated Association account no later tha the terrninaition of the Declarant Control Period. Funds deposited in said account shali not b used to defray any of Declarant's expenses, reserve contributions or construction costs, nor t make up an�y budget deficits during the Declarant Control Period. However, upon the closing o the initial sale of a Unit, Declarant may reimburse itself from funds collected from the purchase � MPLS-WorQ 95281.i( (� I I