5. HRSR 03-01-2010 - Laserfiche WebLink

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officer in good faith, in a manner that the officer reasonably believes to be in the best interests of the Association' .as a. whole, and with the care an ordinarily prudent person in a' like position would exercise under sim' ilar circumstances. SECTION 8 OPERATION of THE PROPERTY g. A.ssessm.eiit Procedures, The Board shall annually prepare a budget of Common. Expenses for the Association and assess such Common Expenses against the Units according to their respective allocations of Common Expense obligations as set forth in the Declaration, subject. to any limitations contained in Section 6 of the Declaration and to the following: 8.1.1 The Board shall fix the amount of the annual Assessment against each Unit, levy the Assessment and advise the Owners in writing of the Assessment at least thirty days prior to the beginning of the .Association's fiscal' year when the first Assessment installment shall be. duo. The fail-are of the Board to timely levy an annual Assessment shall not relieve the Owners of their obligation to continue paging Assessment installments in the amount currently levied, as well as any increases subsequently levied. 8. t .2 The Board -may amend the budget and Assessments, or levy a special Assessment or limited Assessment, at any tim' e. The levy shall be deemed to occur upon the date specified in the resolution which fixes the Assessment. 8.1.3 The Board may (or must in certain cases) levy. limited Assessments against only certain Units or class of Units under Section 6.4 of the Declaration. Such . Assessments may be included in the annual Assessments Levied against the affected Units or may be levied separately during the year, Suoh Assessments are not annual or special Assessments within the meaning of the governing Documents, and are not subject to any limitations on those Assessments. The Board may rely upon recommendations from the Commercial Directors or the Residential Directors, as the case may be, with respect to the need for or the amount of linuted Assessments to be levied- against the respective Unit classes, 814 The annual budget shall include a general operating reserve, and an adequate reserve fund for replacement of the Common Elements and any parts of the Units that the Association is obligated to replace. .1., The Association shall furnish copies of each budget on which the Assessment is based to Declarant, an Owner or to any Mortgagee, upon request of such Person. 8.2 Pa meet of ,Assessments. Annual Assessments shall be due and payable in monthly or quarterly installments, as established by the -Board, in advance, on the first day of each month of the year or other period for wb.ch the Assessments are made, and special Assessments or limited Assessments shall be due when designated by the Board. Except as provided in the Declaratloh, all Owners shall be absolutely and unconditionally obligated to pay the Assessments. and no Owner or 0ocupant shall have any right of withholding, offset or MPLS -word 2023 67.2 t 1