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<br /> � The f�rst interim assessment shall =accrue, as to a purchaser of a unit
<br /> from .Developer upori the first day of the next c�.lendar month following'the date
<br /> of closing. 'I'he purchaser, at the closing, shall,'pay the first six (6) month's
<br /> interim assessments in advance. After the prepayment period, interim assessments
<br /> shall become due: and payable upon the first day o�f eaci� calendar month. ; In the
<br /> event that the first annual assessment is 1_evied durir�g the period for which a
<br /> purchaser has prepaid six (6j month's interim assessments, credit shall be given �
<br /> against said annual assessmen.t for the amount of prepayment attrib.utable to those
<br /> months included wi�Ch the annual assessment period.�
<br /> Section 4. Increases in Interim Assessments.
<br /> Interim assessments in `the 'amounts shown in Section 3 of Article V
<br /> shall not be increased more than ten percent (l00) during the first year after ,
<br /> the filing of the Master Deed, and during each succeeding year thereafter, interim
<br /> assessments may,not be increased more than thirty percent (300) above the level of
<br /> • the immediately preceding year. �
<br /> Section S. Special Assessments.
<br /> Special assessments may be assessed and levied against each unit, in
<br /> addition to the annual or interim assessments pro�ided for ,above, during any '
<br /> assessment year for the purpose of defraying, in whole or in part, the cost of
<br /> any construction, reconstruction, improvement, repair or replacement of a capital
<br /> improvement of the common elements, including fixtures and personal property, subject
<br /> to the owner approval provisions of the Master Deed and these By-Laws. Where no :
<br /> provision is applicable, the discretion of the Board of Administrators �shall control.
<br /> Special assessmen.ts shall be due and payable thirty (30) days after :
<br /> the assessment is levied against the owners and notice thereof has been given, ':
<br /> and special assessments not paid within thirty (30) days thereafter shall be
<br /> treated according to the interest and! lien provisions hereafter.
<br /> Section 6. Escrow of.Assessments. �
<br /> The Administrators of the Association may arrange to have all
<br /> assessments in Section 4 or Section 5 of Article V paid to an escrow fund to be
<br /> held and managed by a b ank or savings and loan association,
<br /> Section 7. Personal Assessment Liability. ;
<br /> Each` unit owner or, if more than one, owners, jointly and severally, .
<br /> shall be personally liable for the payment of assessments under the precedirtg
<br /> Sections. Upon'the expiration of thirty (30) days from the due date of an �
<br /> assessment, if said assessment remains unpaid, the Association may bring: suit .
<br /> against the owner or owners of said unit for recovery of the same. If the
<br /> assessment is. a monthly installment of an annual assessment, the default in payment
<br /> of one installment when due, may, at the option of the Association, cause the
<br /> remainder of the installments due for that annual period to become immediately
<br /> due and payable. The defaulting unit owner shall be liable for the unpaid
<br /> assessment or assessments, interest thereon from the due date to the date paid at
<br /> the highest legal rate, and attorney fees and expenses incurred in the collection
<br /> . of the same. No proceeding to collect defaulted assessmerits pursuant to this
<br /> Section shall constitute a waiver of the lien of the Association against said
<br /> default.ing owner's unit nor a waiver .of the right of the Association to foreclose
<br /> thereon.
<br /> . The 'grantee of a unit shall be jointly and severally 'liable with the
<br /> grantor for all unpaid assessmen�s against the latter up to the time of the grantor
<br /> conveyance, without prejudice to the grantee's right to recover from the grantor
<br /> � the amounts paid by the grantee therefor; provided, however, that upon payment of
<br /> a reasonable fe� and upon written request, any such prospective�grantee shall be
<br /> entitl�ed to a statement £rom the Board of Administrators, or the Ma.nager, in the
<br /> " form set forth in Section 9 of Article V, which shall be conclusive upon the
<br /> ` Association in favor of all persons relying thereon in good faith. Unless such
<br /> reques.t for a statement of indebtedness sliall _be complied with within fifteen (15.)
<br /> days of such:request„ then such grantee shall not be liable for, nor shall the
<br /> : condomiriium unit conveyed be subject to a lieri for any unpaid assessments accruing
<br /> prior to the da.te of such request. - `� :
<br /> . , _ The� provisions set forth in this Secti;on slial_T not .apply to 'the :initial
<br /> sales and conveyances of 'the condominium-unifs .made by the�D�veloper,.�and such" s:ales
<br /> shall be free..�ram-all assessments:ta_tihe .date�-of�conveyance,>
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