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1 compensation considering the duties of the office. Any Adotnistratar who is also an officer *hall not have a vote in the do""g of OWPsneatfcn for the office Or Offices held by said Adminlatrator. All agnowents, clocks, contracts and other Instruments shall be signed by two officers of the Association or by suoh other person or persons as may be designated by the Board of Adsinistratan. AATIOU V. WAOLT AM NUISOWTr. Mptian ]. audeet. The Board of Administrators shall adopt a budget for each fiscal Year. beginning an Nay lot and ending an the next April 20th, which shall include the estimate of funds required to defray common agwwm in the coming rimcal year and to provide fund* for current sxpSniow, reserves for deferred mainten mice, rsssrves for replaosamnts, and rsSWV*s to provide a Working fund or to most anticipated lawso and such VINES as seeded to N** up any deficit in the Common expense assseemants for prior Yom. The budget shall be adopted in April of each Year in advanos of the owing rascal year and copse of the budget ants the armmal aseeSSSenp for each suits shall bs sent to stab wits owner on or before the May let beginning of the fiscal year for which the budget is sods. Budgets may be amended during a current fiscal year whero necessary, but copies of the amended budget and propoMd Increase or decrease in assessment* shall be mailed to each suite ewner prior to the affective date of such increase or decrease. The first annual assessment shall be levied against each suits and the owner thersor on Nay 1. 1994 or Nay 1 of the next fiscal year after rslirbWishmnt of control of the Association by Developer, whichever shall last acct. The annual aasoemment shall be divided as evenly into twelve (12) sonthly peYments as possible with the first payment to include the remainder after division. These monthly Payments shall become due and payable upon the let of May and the let of each month thereafter during the fiscal year- a>MMI aeemenw is for each fiscal year thw*aftor shall be levied and shall beca " *M peyabit t't the man =w=r. Anr"I asw@*: vwLg to be levied against each wife and the owner thereof shall be computed according to such suite'@ share of the total awnl buakget for the fiscal Year based upon the P*w*Wtage of such mite's basic value "set forth in "raph IV of the Master Dead. j B=Kmma insurancep repair and saintwwbce and other direct costa are chargeable to the caridomInium which boletus from them , the sultma in different cardominiui* may not have equal amounts OF assessments. seption s. Intaria Aeaaserptg,, Until May 1. 1994, or untie' 'the first levy of annual assessments according to Section 2 of Article V. after the Developer sha71 relinquish control of the Association, the following interim Maellamsnts shall be due and peYable On the first day of each calender month: i +lea Interim nlaessament [ (Par Month) $50.00 2 $60.00 The first interim assessment shall accrues as to a purchaser of a suite from Developer upon the first day of the next calendar month following the date of tlos4cng. Interim asssemmo -ntS shall became due and payable upon the first day of each calandar month. Saftim 4. Increases in Intorl Interim assessments In the amounts shown in Section 2 of Article V sha11 not be iOCroued more than five percent (OX) during the first year after the filing of the Motor Deed, and owing each a wcseding year thereafter. interim &easements may not be increased more then ten pg. owl (BOX) above the level Of the immediately Preceding year. saotion 5, spacial AsaeeaaanW Special aseesemhenec say bs assessed and levied against sacs• suits in addition to the annual . i or interim asseasmente wNwided for above, during any assessment year for the purpose of defraying. in Mule or in part . the seat of any co'istruction. 10Oa 0 ructions improvaesnt. repair or replacement Of a capital 400 OVO nt of the common element including fixtures and porsaraT *M"rty, w*jgr.'t to the corms apprav,*l provisions of ins waster Deed and theme Gy -Laws. Miss no prop +;sion is applicable. the discretion of the Board of Administrators shall control. Special assessments Shall be due and payable thirty (20) days after the asessem * is levied i W=. — '-" • iy ;"-n..r.d apeciai aaeeeaMnies not Paid Wthin thirty (30) days thereafter shall be treated according to the interest and lion provisions hereafter. liaatipn e. The Administrators of the Association way arrange to have all assessments in Section 4 or Section 5 of Article V paid to an escrow fund to be held and managed by a bsIF, or "Vines and town association. itmatim- 7. hraonel Aaaeaaar�nt , �.wa cars. Each suite Owner or. 4? more than one,• owners, jointly and severally. shall he personally liabls for the payment of assessments under the Preceding Sections. Upon the expiration of thirty (20) days from the due date or on assessment, it Said assessment remains unpaid. the Association may L bring suit against the owner or owners or said suits for recovery of the same. If the asssswent is a monthly installsent or an annual assessment, the default in payment of or» installment when due, mmY# at the option of the Assmiation, cause the remainder of the installments due for that annual period to become immediately due and payable. The defaulting suite owner shall be liable for the unpaid a assent or assessments, interest thereon free the due data to the date paid at the highest 1e01 rats. and attorney fees and expenses incurred in the collection of the same. No proceeding to Collect defaulted aeseewnts pursuant to this Section shall constitute a waiver of the lion of the Association against said defaulting owner's wits nor a waiver of the right of the Association to ti I t