Recission of Enabling Declaration Establishing A Plan For Condominum Ownership 2-27-1981

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impose a regular annual assessment which is more than twenty percent (204) greater than the regular annual assessment for the immediately preceding fiscal year. li C. Without membership approval, the Board of Directors may fix the annual assessment at an amount not in V excess of the maximum. However, the annual assessment may not he decreased either by the Board or by the members, by more than ten percent ( 104) in any one year without the approval of 1 fifty-one percent (51%) of each class of members. Failure by the Board to set assessments shall not be deemed a waiver of the assessments but rather the prior year's assessment shall I continue. vi W D. Subject to the limitations on the maximum U and minimum amount of assessments herein provided, if at any u. time during the course of any year the Board shall deem the �O amount of the annual assessment to he inadequate or excessive, cn ; the Board shall have the power, at a regular or special meeting, pG to revise the assessment for the balance of the assessment year, effective on the first day of the month next following the date of the revision. W E. During the time the project is subject to an outstanding public report, the Declarant shall notify the Department of Real Estate of any increase of ter. percent ( 104) �. . or more over the amount of the regular assessment reflected in a current public report for the project. • , 4.4. Special Assessments for Capital Improvements Or Extraordinary..Expenses; Reserves for Replacement; Trust Funds: The Board of Directors may levy, in any assessment year, a special assessment applicable to that year only for the purpose of defraying, in whole or in part, the cost of any construction, reconstruction, repair or replace- ment of a capital improvement upon the common area, incluning fixtures and personal property related thereto, or for extra- , ordinary expenses incurred by the Association, provided that in the event special assessment(s) exceed in the aggregate five percent (54) of the budgeted gross expenses of the Association for that fiscal year, the vote or written consent of a majority of the voting power of the Association residing in members other than the Declarant shall be required to approve such assessment(s) . Special assessments shall he levied on the same basis as regular assessments, except where the special •! assessment against a member is a remedy utilized by the Hoard to reimburse the Association for costs incurred in bringing the member and his unit into compliance with the provisions of the Condominium Documents, or is the result of a fine imposed by the Board, and provided that a special assessment against owners to raise funds for the rebuilding or major repair of the i structural common area housing units of the project shall he levied upon the basis of the ratio of the square footage of the • floor area of the unit to he assessed to the total square footage of floor area of all units to be assessed. a : ' 4:'> As part of the regular annual assessments for maintenance authorized above, the Board of Directors shall • b -12- .4