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20001030. Alternatively, assessments may be made as needed upon unanimous vote of the Owners. 74 Income. All miscellaneous income received by the Association, including interest income shall be credited to all owners according to the Schedule of Allocated Interests as shown on Exhibit "A" of the Declaration after deducting costs related thereto which are not already provided to be allocated to all such Owners. 7.5 Acceleration of Assessment Installments upon Default. If a Unit Owner shall be in default in the payment of an installment upon an assessment, the Board may accelerate the remaining installments of the assessment upon notice to the Unit Owner, and then the unpaid balance of the assessment shall become due upon the date stated in the notice, but not less than ten (10) days after delivery of such notice to the Unit Owner, or not less than twenty (20) days after the mailing of such notice to him /her by registered or certified mail, whichever shall first occur. 7.6 Assessments for Emergencies. In the event of an emergency threatening life or property, an officer of the Board or its designated Managing Agent shall have authority to take such actions as he /she deems necessary and appropriate for the protection of life and property, and in the event the cost of such actions shall create an expense for which the Association does not have adequate cash reserves, such Common Expense shall automatically be assessed by the Board against the Unit Owners so affected; provided, however, no officer nor the Managing Agent shall be liable for failure to take any action under such circumstances. 7.7 Bank De op sitory. The depository of the Association shall be such bank or banks as shall be designated by Board resolution from time to time by the Board and in which the moneys of the Association shall be deposited. Withdrawal of moneys from such accounts shall be only by checks signed by such persons as are authorized by the Board. 7.8 Contracts. The Board may lawfully authorize any officer or officers, agent or agents, to prepare or execute any contract or prepare, execute, certify and deliver or record any instrument in the name of and on behalf of the Association, and such authority may be general or confined to specific instances, including without limiting the generality of the foregoing, any amendments to the Condominium Documents. 7.9 Loans. No loans shall be contracted on behalf of the Association and no evidence of indebtedness shall be issued in its name unless authorized by a resolution of the Board. Such authority may be general or confined to specific instances. -7-