Courthouse Square Agreements (compiled notebook)

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~ reserves must be paid to the Association, The Declarant, or such other person p operating expenses or subsidizing such shall give ten (10) days written r. individual unit owners prior to the commer their obligation to pay the full as Thereafter, each owner, including the Dec such other person, shall pay the assessme Association. ~ying all expenses, otice to .cement of sessment. larant or nt to the (b) If the Association expenses are tempora ily less than projected by the Declarant becaus some or most of the units are not yet sold or occ pied, the Declarant shall have the authority to re uce temporarily the assessment to reflect the lowe~ expenses of the project. 3. SPECIAL ASSESSMENTS. The Board of Directors hall have the power to levy special assessments in the following anner for the following purposes: (a) To correct a deficit in the operating udget by unanimous vote of the Board; ~ (b) To collect amounts due to the Associatio from an owner for breach of the owner's obligati ns under the Declaration, these Bylaws, or the Ass ciation's rules and regulations, by unanimous vote of those members of the Board who were not appointed by the unit owner in default; (c) To make capital additions or improvementsl; and (d) For such other purposes as the Board in its reasonable discretion, may deem prudent. 4. BUDGET• INCOME TAX RETURNS• DETERMINATION OF FI CAL YEAR. (a) The fiscal year of the Association shall e July 1 through June 30 unless otherwise determi d by the Board of Directors. (b) At least sixty (60) days before each go rnmental entity unit owner submits its budget doc ments to the budget committee as provided under t e Oregon Local Budget Law, the Board of Direct rs shall adopt a budget for the Association cont ining an estimate of the total preliminary amount c nsidered necessary to pay the cost of mai tenance, ~ BYLAWS OF COURTHOUSE SQUARE CONDOMINIUM PAGE - 11