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1 Condominium Act; Special Assessments for Capital Expenditures. Amend RSA 356-B:52, I(d) to read as follows:
(d) Copies of any management contract or other contracts, including leases, affecting the use, maintenance, or administration of, or access to, all or any part of the condominium with a projected budget for at least the first year of the condominium's operation (including projected common expense assessments for each unit), a statement of whether any provisions have been made in the budget for capital expenditures or major maintenance reserves, and the relationship, if any, between the declarant and the managing agent or firm;
2 Effective Date. This act shall take effect 60 days after its passage.
Text to be added highlighted in green.
1 Condominium Act; Special Assessments for Capital Expenditures. Amend RSA 356-B:52, I(d) to read as follows:
(d) Copies of any management contract or other contracts, including leases, affecting the use, maintenance, or administration of, or access to, all or any part of the condominium with a projected budget for at least the first year of the condominium's operation (including projected common expense assessments for each unit), a statement of whether any provisions have been made in the budget for capital expenditures or major maintenance reserves, and the relationship, if any, between the declarant and the managing agent or firm; provided that no special assessments for capital expenditure improvements that exceed 5 percent of the budgeted gross expenses shall be allowed without approval of the unit owners association;
2 Effective Date. This act shall take effect 60 days after its passage.