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, 200709255 Section 8 Compensation. Compensation of officers shall be fixed by the Executive Board and shall be ~ reasonable compensation considering the duties of the office- Any Director who is also an officer shall not have a vote in the setting of compensation for the office or offices held by said Director. Section 9 Aqreements Contract. Etc. All agreements, checks, contracts and other instruments shall be signed by two officers of the Association or by such other person or persons as may be designated by the Executive Board. ARTICLE V. BUDGET AND ASSESSMENTS Section 1_ Budaet. The Executive Board shall adopt a budgetforeach fiscal year, beginning on July 1 st and ending on the next June 30th, which shall inciude 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 June of each year in advance of the coming fiscal year and copies ofthe budget and the annual assessments for each unit shall be sent to each unit owner on or before the July 1 st 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 unit owner prior to the effective date of such increase or decrease. The Executive Board must comply with Section 76-861 (c) ofthe Condominium Act as it pertains to ratification of the budget. -Section 2. Annual Assessments. 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. Section 3. One-TIme Assessments. The following one-time assessments shall be due and payable on the first day ofthe month following the closing of each unit: Unit Number One-Time Assessment 15 16 $1,200.00 $1,200.00 8