8F Consent 2011 0502 - Laserfiche WebLink

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(b) The Association shall establish and maintain a reserve fund adequate for it to perform its responsibilities, as set forth in this Declaration, the Articles or the Bylaws, with regard to the periodic maintenance, repair and replacement of improvements to the Common Areas. Such reserve fund shall be maintained out of regular assessments for common expenses. 9.5 Regular Assessments. (a) Not more than ninety (90) calendar days nor less than�siy (60) calendar days before the beginning of each fiscal year of the Association. the'Boaid, without the requirement for a vote of the Owners, shall establish'the,regular assessment for the forthcoming fiscal year. (/ (b) Except as permitted by law, no regular assessment shall bee \tsin an amount that is more than ten percent (10 %) greater than the amount of the regularassessment for the preceding fiscal year without the consent of acmajority of the votingrights of Owners, or of the voting rights of each class of Owners i two- voting system is in effect. 9.5 Special Assessments. (a) The Board may levy a special asset -if the Board. in its discretion, determines n' that the Associatios•available funds are will •become inadequate to meet the estimated expenses of the -A\ o� ation, incl `ding je of appropriate reserves. for a particular fiscal year for•any reason. including, but not limited to, unanticipated delinquencies. cols of construction, unexpected repairs or replacements of capital improvements or otherwise \ , 9.7 Fiscal Year andAsecseuent Period /Unless the Board determines otherwise, the 'ssoclalion's fiscal.year shallcommence on July 1 of each year and shall terminate on Jun30'of the next year, \ provided that the first regular assessment period for all Condominiums in any phase shall com on the first day of the calendar month following the dateof the closing of the first conveyance of a Condominium, and shall terminate on June 10 of th�year. The regular assessment shall be payable in equal monthly installments unless the Board adopts some other method for payment. The first regular assessment a■d.,al,special assessments shall be adjusted according to the number of months remaining in the fiscal year and shall be payable in equal monthly installments unless the Board adopts some other method for payment. 9.8 Due Date. Late Charges, and Interest. (a) At least ten (10) calendar days prior to the date on which any regular or special assessment is due, the Board shall give each Owner written notice of the amount of