TEL3 Master Deed (9 of 16)
- (iv) The cost of furniture, furnishings, fixtures and equipment for the Common Areas such as the administration office, main lobby, main reception area, security rooms. as the Condominium Corporation may from time to time determine to be necessary and/or proper;
- (v) The cost of any other materials, supplies, furnishings and fixtures, labor services, maintenance, repairs, taxes or assessments which the Condominium Corporation is required or empowered to charge under this Master Deed or for the enforcement of the provisions of the building rules; provided, that if such expenses are expended for the benefit of particular units in the Project, such expenses shall thereafter be assessed to the members owning such units and shall be assessed under Par. 4 of this section.
- (vi) If the Condominium Corporation's estimate of operating expenses proves inadequate for any reason, including non-payment of any assessment, it may at any time levy a further assessment.
(2) Regular Assessments for Capital Expenditures. The Condominium Corporation shall levy upon each member, in proportion to such member's appurtenant interest in the Condominium Corporation, an annual assessment for the purpose of creating and maintaining a special fund for capital expenditures on the Common Areas of the Project, including the cost of extraordinary repairs. reconstruction or restoration necessitated by damage, depreciation, obsolescence, expropriation or condemnation of such Common Areas or part/s thereof, as well as the cost of improvements or additions thereto authorized in accordance with the provisions of the By-Laws of the Condominium Corporation.
(3) Deficiency and Other Assessments. Special assessments to make up for the deficiency in case the special fund provided for in Par. 2 above, together with the insurance or other proceeds or recovery, if any, are insufficient to cover the cost of such capital expenditures. unless the damage, obsolescence, expropriation or condemnation is of such extent as to meet the conditions for dissolution of the Condominium Corporation required by the Condominium Act and the required vote of the unit owners decide for dissolution, there may also be assessed against the unit owner; in the manner prescribed herein or in the By-Laws Of the Condominium Corporation, such other assessments as are not specifically provided herein.
(4) Special Assessments for Separate Expenses. (a) Particular units may also be subject to special assessments authorized in accordance with the Master Deed or the By-Laws of the Condominium Corporation for nan-common expenses (herein referred to as "Separate Expenses"), such as, but not limited to :
- (i) expenses for maintenance and repair of any unit if such maintenance or repair is, in the judgment of the Condominium Corporation, necessary to protect the floors, Common Areas or any other portion of the condominium building or to safeguard the value and attractiveness of the Project, and the unit owner fails or refuses to perform such maintenance or repair within the time fixed in the written notice of the Condominium Corporation to effect such maintenance or repair. the Condominium Corporation shall thereafter assess said expenses to the member owning such unit;
- (ii) assessments or fees for the use and enjoyment of the floors' Limited Common Areas, such as but not limited to balconies and terraces, parking spaces, and other portions of the Common...
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