Expenses, Surplus, Special Assessments

Section 13: Common Expenses and Common Surplus and Special Assessments

13.1 Common Expenses and Common Surplus. Common Expenses include the expenses of the operation, maintenance, repair or replacement of the Common Elements, utilities for the entire Condominium, costs of carrying out the powers and duties of the Association and any other expense designated a Common Expenses by this Declaration, the documents creating the Condominium, or the By‐Laws. Funds for the payment of Common Expenses shall be assessed against Unit Owners in the proportions or percentages provided in Exhibit “B” to the Declaration provided, however, under no circumstances shall the owner of the Parking Units or Commercial Units be responsible for maintaining the cost of amenities serving the Residential Units exclusively, including by way of example only, the swimming pool. A Residential Unit Owner’s share of Common Expenses shall be in the same proportion as his ownership interest in the Common Elements. Common Surplus is owned by Residential Unit Owners in the same shares as their ownership interest in the Common Elements.

13.2 Special Assessments. The Board of Directors may levy “Special Assessments”, which are any assessments levied against a Unit Owner and such Owner’s Unit, other than the assessment required by the annual budget. Special Assessments may be levied by the Board of Directors and shall be payable in lump sums or installments, in the discretion of the Board.