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r 83- 002637 ARTICLE V. BUDGET AND ASSESSMENTS. Section 1. Budget. The Board of Administrators shall adopt a budget for each fiscal year, beginning on April 1st, and ending on the next March 31st, which shall include the estimate> of funds required to defray COllllllOil expenses in the coming discal 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 sum.. as: needed to make up any deficit in the common expense assessments for prier 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 first annual assessment shall be levied against each suite or garage and the owner thereof on April I, 1984, or April 1, of the next fiscal year after relinquiSh- ment of control of the Association by Developer, whichever shall first occur. 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 1st 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 assess- ments to be levied against each suite or garage and the owner thereof shall be computed according to such suite's or garage's prorata share of the total annual budget for the fiscal year based upon the percentage of such sUlte's or garage's basic value as set forth in Paragraph IV of the Master Deed. Section 3. Interim Assessments. Until April 1, 1984, or until the first levy of annual assessments according to Section 2 of Article V, after the developer shall relinquish control of the Association, whichever shall first occur, the following interim assessments shall be due and payable on the first day of each calendar month: SUITE NUMBER INTERIM ASSESSMENT SU ITE NUMBER INTERIM ASSESSMENT (PER MONTH) (PER MONTH) 29 $29.32 33 $37.51 30 $29. 32 34 $37.51 31 $39.51 35 $33.24 32 $41. 66 36 $37.63 The first interim assessment shall accrue. as to a purchaser of a suite or garage frOm Developer upon the first day of the next calendar month following the date of closing. Tbe Purchaser, at the closing. shall pay the first month interim assessment in advance. After the prepayment peri<;>d, interim assessments shall become due and payable upon the fb.l$t day of each c;alendar month. In the event that the first annual assessment is levied during the period for which a purchaser has prepaid six (6) month's interim a$4e.ssments, credit shall be given against said annual assessment for the amount of pre:r;>a~ent attributable to those IllOllths included wi th the annual assessment period. -Il-