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q�� . _ _ <br /> �C , : . "` • <br /> Section 8. Compensation.� � <br /> Compensation of officers shall be fixed .by the Board of Administrators <br /> and �hall be reasonable compensation considerir�g the duties of the office. Any <br /> Administ-rator who is also. an officer shall not have a vote in the setting of <br /> compensation for the office or offices held by said Admini�trator. <br /> Section 9. Agreements, Contract, Etc. � <br /> All agreements, checks, contracts and other instruments shall be signed <br /> by two offi�ers of the Association or by such other person or persons as may be <br /> designated by the Board of Administrators. <br /> ARTICLE V, BUDGET AND ASSESSMFNTS. <br /> Section 1. Budget. <br /> ' The Board of Administrators shall adopt a budget for each fiscaT year, <br /> beginning on July lst and ending on the ;next June 30th, which shall include the <br /> estimate of funds required to defray common expenses in the coming fiscal year <br /> and to provide funds for current expenses, reserves for deferred maintenance, <br /> reserves for replacements, and reserves to provide a working fund or to meet <br /> anticipated losses, and such sizms as needed to make up any deficit in the common <br /> expense assessments for prior years. The budget shall be adopted in June of each <br /> year in advance of the coming fiscal year and copies of the budget and the annual . <br /> assessments for each unit shall be sent to each unit owner on or before the <br /> � July lst beginning of the fiscal year for which the -budget is made. <br /> Budgets may be amended during a current fiscal yeax where� necessary, <br /> but copies of the amended budget and proposed increase or decrease in assessments <br /> shall be mailed to each unit owner prior to the effective date of such increase <br /> or decrease. <br /> Section 2. Annual Assessments. <br /> � The first annual assessment shall be levied against each unit and the <br /> ' owner thereof on July 1, 1975 or July 1 of the next fiscal year after relinquishment <br /> of control of the Association by Developer, whichever shall first occur. The annual <br /> assessment shall be divided as evenly� into twelve (12) monthly. payments as possible <br /> with the first payment to include the remainder after division. These monthly <br /> payments shall become due and payable upon the lst of July and the lst of each <br /> month thereafter during the fiscal year. Annual assessments for each fiscal <br /> year thereafter.shall be levied and shall become due and payable in the same manner. <br /> Annual assessments to be levied against each unit and the owner thereof shall be <br /> computed according to such units prorata share of the total annual budget �or the <br /> fiscal year based upon the percentage of such unit's basic value as set forth in <br /> Paragraph IV of the. Master Deed. <br /> Section 3. Interim Assessments. <br /> Until July 1, 1975, or until the first levy of annual assessments <br /> according to Section 2 of Article V, after the Developer shall relinquish control <br /> of the Association, whichever shall first occur, the following interim assessments <br /> shall be due and payable on the first day of each calendar month: � <br /> � UNIT INTERIM ASSESSP9ENT UNIT INTERIM ASSESSMENT � <br /> NUMBER (P$R MONTH) NUMBER (PER MONTH) <br /> A-1 $24.01 D-1 $28.84 , <br /> A-2 $24.01 D-2 $35.25 <br /> B-1 $24.01 � E-1 $28.84 <br /> B-2 $24.01 E-2 $35.25 . <br /> G1 $28.84 F-1 $28.06 <br /> C-2 $34.44 F-2 $34.44 <br /> 7 <br /> 5 5S : <br />