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