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200900728 15. ASSESSMENT FOR COMMON EXPENSES. A. All Owners shall be obligated to pay the estimated and actual assessments imposed by the Association to meet the Common Expenses and reserves. Assessments shall be based upon the Allocated Interests of the Units as established in Exhibit "B". B. Annual assessments for the estimated Common 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 Owner at least once each year a payment statement setting forth the estimated Common Expense assessments for the ensuing year. C. In the event the ownership of a Condominium Unit, title to which is derived from the Declarant, commences on a day other than the first day of the assessment period, the Common Expense assessments for that period will be prorated. D. Common Expense assessments shall be based upon the cash requirements deemed to be such aggregate sum as the Board shall determine in its budget, at least thirty (30) days in advance of each fiscal year, 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 of the Common Elements, the Project, 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 Owners 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 and/or the Project. The costs of insurance may at the discretion of the Association be assessed in proportion to risk. Written notice of the annual assessment shall be sent to every Owner subject thereto. The due dates shall be established by the Board. E. Each Owner shall be obligated to pay all charges for any separately metered utilities, including but not limited to electricity, gas, and cable television, servicing his/her Condominium Unit. In the event that any utilities are master metered, then such utility service shall be part ofthe Common Expense assessments as hereinbefore provided and shall be allocated to the Units benefitting from such service, depending upon the manner in which they are separately metered. F. The omission or failure to fix the assessment or deliver or mail a statement for any period shall not be deemed a waiver, modification, or release of the Owner from the Owner's obligations to pay the same. -10-