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_ ~~ 82-- ti~Q1413 adopted in Jane of each yeas in advance of the coming fiscal year and copies of the budget and the annual as- sessments for each townhome shall be sent to each townhome owner on or before the July 1st beginning of the fiscal year for which the budget is made. Budgets may be amended during a current fiscal year whew necessary, but copies of the amended budget. and proposed increase or decrease in assessments shall be mailed to each townhome owner prior to the effective date of such increase or decrease. Section 2. Annual Assessments. The first annual assessment shall be levied against each townhome and the owner thereof when determined by the initial Board of Directors. The Board of Directors may levy annual assessments against each townhome and the owner thereof on Ju'.y 1 of the next fiscal year, after relinquish- ment of control. of the Association by the Developer or after December 31, 1985, whichever shall first occur. The annual assessment shall be divided as evenly into twelve. {l2} monthly payments as possible with the first payment to include the remainder after division. These monthly payments shall become due and. gayable upon the ist of July and the lst 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 townhome and the owner thereof shall be computed according to such townhome's share of the total annual budget for the fiscal year based upon each townc~ame's basic value as set forth in Paragraph VI of the Master Deed. Section 3. Special Assessments, Special assessments may be assessed and levied against each townhome in addition to the annual assessments provided for above, during any assessment year for the purpose or defraying, in whole or in part, the cost of any construction, reconstruction, improvement, repair or replacement of a capital improvement of the common elements including fixtures and personal property, subject to the owner approval pro- visions of the Master Deed and these By-Laws. 'Where no provision is applicable, the discretion of the-Board of Administrators shall control. Special assessments sYYall be due and payable thirty {.303 days after the assessment is levied. against the owners and notice thereof has been given, and special assessments not paid within thirty {303 days thereafter shall be treated according to the interest and lien provisions hereafter. Section 9. escrow of Assessments. The Administrators of the Assoc.ation may arrange to have a1.1 assessments in Section 3 of Article V paid to an escrow fund to be held and managed by a bank or savings arad loan association. Section 5. Personal Assessment Liability. Bach townhome owner or, jointly and severally, shall payment of assessments under ttie expiration of thirty t30) if mare than one, owners, be personally liable for the the preceding Sections. Lpon days from the due date of an -g_