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<br />200807402 <br /> <br />c. The conveyance or encumbrance of a Unit shall be deemed to be made subject to all <br />of the provisions of the Condominium Documents, and shall be binding upon each <br />grantee or mortgagee without the necessity or inclusion of such express provision in <br />the instrument of conveyance or encumbrance. <br /> <br />d. Unit Owners shall have the power to enforce the provisions of the Condominium <br />Documents against the Association. <br /> <br />21. Assessment for Expenses. <br /> <br />a. All Unit Owners, including Declarant, shall be obligated to pay the estimated and <br />actual assessments imposed by the Association as permitted by Section 19(b). The <br />expenses shall be allocated to all Units based upon the Allocated Interests as shown <br />in Exhibit "B" of the Declaration. <br /> <br />b. Annual Assessments for the estimated expenses shall be payable in monthly <br />installments and shall be due in advance on the first day of each calendar month. <br />The Association shall cause to be prepared and delivered or mailed to each Unit <br />Owner at least once each year a statement setting forth the estimated expense <br />assessments for the ensuing year. <br /> <br />c. In the event the ownership of a Unit commences on a day other than the first day of <br />the Assessment period the expense Assessments for that period will be prorated on a <br />daily basis. <br /> <br />d. Expense Assessments shall commence as to all Units on the first day of the month <br />following the conveyance of the first Unit by Declarant. Expense Assessments shall <br />be based upon the cash requirements deemed to be such aggregate sum as the Board <br />shall determine in its budget, as necessary to provide for the payment of all estimated <br />expenses relating to or connected with the administration, maintenance, ownership, <br />repair, operation, addition, alteration, and improvement ofthe Common Elements, <br />the Limited Common Elements, the Condominium, and personal property owned by <br />the Association. Said sum may include, but shall not be limited to, expenses for <br />management; premiums for insurance; landscaping and care of grounds; common <br />lighting; utilities not separately metered on behalf of each Unit and the Common <br />Elements; repairs and renovations; trash collection; wages; legal and accounting fees; <br />management fees; expenses and liabilities incurred by the Board on behalf of the <br />Association under or by reason of the Condominium Documents; the creation of <br />reasonable contingency reserves, working capital, and/or sinking funds; and any and <br />all other costs and expenses relating to the Common Elements, the Limited Common <br />Elements, and/or the Condominium. The costs of insurance may at the discretion of <br />the Association be assessed in proportion to risk. Written notice of the annual <br />assessment, together with an annual reconciliation of the previous year's expenses <br />payments, shall be sent to every Unit Owner subject thereto. The due dates shall be <br />established by the Board. <br /> <br />-11- <br />