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r " 200602228 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. Section 4. Special Assessments. 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. Section 5. Escrow of Assessments. 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. Section 6. Personal Assessment Liabllitv. Each unit owner or, if more than one, owners, jointly and severally, shall be personally liable for the payment of assessments under the preceding Sections. Upon the expiration of thirty (30) days from the due date of an assessment, if said assessment remains unpaid, the Association may bring suit against the owner or owners of said unit for recovery of the same. If the assessment is a monthly installment of an annual assessment, the default in payment of one installment when due, may, at the option ofthe Association, cause the remainder of the installments due for that annual period to become immediately due and payable. The defaulting unit owner shall be liable for the unpaid assessment or assessments, interest thereon from the due date to the date paid at the highest legal rate, and attorney fees and expenses incurred in the collection of the same. No proceeding to collect defaulted assessments pursuant to this Section shall constitute a waiver of the lien of the Association against said defaulting owner's unit nor a waiver of the right of the Association to foreclose thereon. The grantee of a unit shall be jointly and severally liable with the grantor for all unpaid assessments against the latter up to the time of the grantor conveyance, without prejudice to the grantee's rightto recover from the grantor the amounts paid by the grantee therefor, provided, however, that upon payment of a reasonable fee and upon written request, any such prospective grantee shall be entitled to a statement from the Executive Board or the Manager, in the form set forth in Section 8 of Article V, which shall be conclusive upon the Association in favor of all persons relying thereon in good faith. Unless such request for a statement of indebtedness shall be complied with within fifteen (15) days of such request, then such grantee shall not be liable for, nor shall the condominium unit conveyed be subject to a lien for any unpaid assessments accruing prior to the date of such request. The provisions set forth in this Section shall not apply to the initial sales and conveyances of the condominium units made by the Declarant, and such sales shall be free from all assessments to the date of conveyance. 9