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Section 2. Annual Assessments. Section 3. One -Time Assessments. Unit Number One -Time Assessment 15 $1,200.00 16 $1,200.00 Section 4. Special Assessments. Section 5. Escrow of Assessments. 8 201309492 Budgets may be amended during a current fiscal year where necessary, but copies of the amended budget and proposed increase or decrease in assessments shall be mailed to each unit owner prior to the effective date of such increase or decrease. The Executive Board must comply with Section 76- 861(c) of the Condominium Act as it pertains to ratification of the budget. The first annual assessment of $1,200 shall be levied against each unit and the owner thereof and due upon the first day of the month following the closing of said unit, in order for the Association to establish a reserve. After the initial annual assessment, the assessment shall be divided as evenly into twelve (12) monthly payments as possible with the first payment to include the remainder after division. These monthly payments shall become due and payable upon the first of the month after the initial annual assessment and on the first of each month thereafter during the fiscal year. Annual assessments for each fiscal year thereafter shall be levied and shall become due and payable in the same manner. Annual assessments to be levied against each unit and the owner thereof shall be computed according to such unit's share of the total annual budget for the fiscal year based upon the percentage of such unit's percentage as set forth in Paragraph VI of the Master Deed and Declaration. The following one -time assessments shall be due and payable on the first day of the month following the closing of each unit: The $1,200.00 amount is to be paid for the initial year and, thereafter, will be based on the unit's percentage of the annual budget as set forth herein. The one -time assessment of $1,200 shall become due, as to a purchaser of a unit from Declarant upon the first day of the next calendar month following the date of closing. Special assessments may be assessed and levied against each unit in addition to the annual or interim assessments provided for above, during any assessment year for the purpose of defraying, in whole or in part, the cost of any construction, reconstruction, improvement, repair or replacement of a capital improvement of the common element including fixtures and personal property, subject to the owner approval provisions of the Master Deed and Declaration and these By -Laws. Where no provision is applicable, the discretion of the Executive Board shall control. Special assessments shall be due and payable thirty (30) days after the assessment is levied against the owners and notice thereof has been given, and special assessments not paid within thirty (30) days thereafter shall be treated according to the interest and lien provisions hereafter. The Directors of the Association may arrange to have all assessments in Section 4 of Article V paid to an escrow fund to be held and managed by a bank or savings and loan association.