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inclusion in other p~.~ts of the Governing Docume~.ts of autlaarity to approve Rules shad be
<br />deemed to be xn furtherance, and not ~ li~ni~ation, of the authority granted by this Section, New
<br />or amended Ruses shall be effective only a.~er reasonable notice thereof has been given to the .
<br />owners, ~ '
<br />. 5.7~ .;As~oc~at~on A,sse~s;,. Surplus Fund, Ali fur~.ds and real ar personal property -
<br />' acquired by the Association shall bs held and used fax the benefit ofthe owners far tha purposes
<br />stated in the governing Documents, Surplus fan.ds remaining aver paym.cnt of or provision for
<br />. ~amman Expenses and rese~res snail be credited against futura Assessments or added to
<br />reserves, as determined. by the Board, .
<br />~,8, Resale .leis losers Certifica es. Pursuant to Section 51SB,~wl~7 of.l~oZOA, in the
<br />. event ~f a resale of a knit by an~ owner other than a declarant, that owner, shall fl,~rnish to the
<br />purchaser a rs~ale 'disclasure~ certificate canta.ining the information ~ required by.
<br />Section 51 ~8,4~1 ~7~b~ of ~ ~~xoA. Pursuant to Section 5158.E-~ p7~d) of i~~~OA, ~e
<br />Association shall, within ten days after a request by an owner or the owner's authorized
<br />representative, furnish fine resale disclosure certificate, The Association nay charge a reasonable
<br />fee fax furnishing the resale disclos~~re certi:~cate and any doau~nents related thereto,
<br />A.SS~SI~~~TS
<br />~, 1. Gsw! neral. An annual budget shall ba established. far the Association and
<br />Assessments shall be determined and assessed against the l~nits by the Board, in its discretio~a;
<br />subject to the requirements and procedures set forth in this Section ~ and the requirements of the ,
<br />'Bylaws, .Assessments shall include all Assessments levied by the Association under this
<br />T~eclaration and 11~1~~oA, ~cluding but not limited to Annual .Assessments under. Section. 6.~, .
<br />and naay or shall has hereina~er required} incline special Assessments under Section ~,~ and }
<br />limited Assessments Mader Section 6,~4. Annual and special Assessments' shall be allocated '
<br />' an~an the C~riits in accordance with the allocation formula set forth in Ssct~o~. ~.2, l~i~nited
<br />g
<br />.Assessments undot' Section ~,~ shall be allocated to knits asset Earth in that Section. .
<br />. ~.~
<br />~,~, Annual Assessments. Subject to Section 6,1, annual Assessments shall be
<br />' established and levied annually by the Board, Each annual~Assessment shall cover ~Il of the
<br />anticipated oommon Expenses of the Association fnr that year which are to be shared by all
<br />Units in accordance with tlae allac;ation formula set forth in Section ~,~, Annual Assessments ,
<br />shall be payable in equal monthly ar quarterly installments, as established by the Board, Annual ~ .
<br />Assessments shall provide, atnang other things, for an adequate reserve fund for the replacenae~t
<br />of the ~o~man. Elements and those parts of the l~nits (if any} fox vcrhich the Association is ,
<br />responsible and which are not fi~nded by limited Assessments pursuant to Section ~,4,
<br />~,~. S ecial Assessments, fin., addition to annual Assessments, the Board m.ay levy in
<br />an Assessment year a special Assessment against all 1Jnits in accordance pith the allocation
<br />Y
<br />formula referred ~ tQ in Section ~.Z. Special Assessments shall be used far .the p~.~pose of
<br />defraying 7n ~whalc or in part tlae cost of any unforeseen and ti~nbudgeted o~+ ~~nderbudgeted . ,
<br />~onarn4n Expenses. .
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