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202505976 The Board of Administrators shall adopt a budget for each fiscal year, beginning on April 1 St and ending on the next March 31st, which shall include the estimate of funds required to defray common expenses in the coming fiscal year and to provide funds for current expenses, reserves for deferred maintenance, reserves for replacements, and reserves to provide a working fund or to meet anticipated losses, and such sums as needed to make up any deficit in the common expense assessments for prior years. The budget shall be adopted in March of each year in advance of the coming fiscal year and copies of the budget and the annual assessments for each suite or garage shall be sent to each suite or garage owner on or before the April 1st beginning of the fiscal year for which the budget is made. 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 suite or garage owner prior to the effective date of such increase or decrease. Section 2. Annual Assessments. The t annual assessment shall be levied against each suite or garage and the owner thereof effective April 1 of each year The annual 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 1' of April and the 1st 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 suite or garage and the owner thereof shall be computed according to such suite's or garage's pro rata share of the total annual budget for the fiscal year based upon the percentage of such suite's or garage's basic value as set forth in Paragraph VI of each Master deed. Section 3. Special Assessments. Special assessments may be assessed and levied against each suite or garage, in addition to the annual assessments provided for above, during any assessment eXs for the purpose of defraying, in whole or in part, the cost of any construction, reconstruction, improvements, repair or replacement of a capital improvement of th. common elements, including fixtures and personal property, subject to the owner approval provisions of each Master Deed and these Bylaws. Where no provision is applicable, the discretion of the Board of Administrators shall control. Section 4. Escrow of Assessments. The Administrators of the Association may arrange to have all assessments in Section 3 of Article V paid to an escrow fund to be held and managed by a bank or savings and loan association. Section 5. Personal Assessment Liability. �0