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<br />six {5} monkh's interim assessments, credit shall"be given against sari
<br />annual. assessment for the amount of prepayment'Attrihutable to those
<br />months included with the annual assessment period.
<br />Section 4. Increases in Interim Assessments.""
<br />Interim assessments in the amounts shown in ,Section 3 of Arti.c.+i
<br />V shall not be increased more than five percent (SS) during the first
<br />year after the filing of the Master Deed, and. during each succeeding year'
<br />thereafter, interim assessments may not be increased more than ten percent-
<br />(108) above the level of the immediately preceding year.
<br />Section 5. Special Assessments.
<br />• Special assessments may be assessed and levied against each
<br />suite ar garage, in addition to the annual oc interim assessments provided
<br />for above, during any assessment year Eor the purpose of defraying, in
<br />whole ar in part, the cost of any construction, reconstruction, improve-
<br />ment, repair ar replacement of a capital improvement of the common elements,
<br />including fixtures and personal property, subject to the owner appr.aval
<br />pravisi;cns of the Mast{?r reed anc9 Y_hese t3y-Laws, Where no provision is
<br />applicable, the discretion rJE the Fioard of Administrators shall. central..
<br />Special assessments shall 6e due and payable thirty {3Qy days
<br />after the assessment is ie?vied against. the owners and notice therE?af has
<br />been gi'van, and special assessments not paid. within thirty (30} days
<br />thereafter shall be treated according to the interest and lien previsions
<br />hereafter.
<br />Section ~. Escrow of Assessments.
<br />The Administrators of the Association may arrange to have all
<br />assessments in Section 4 or SPCtion 5 of Article V paid to an escrow
<br />fund to be held and managed by a bank or savings and loan association.
<br />Secta.on a. Personal Asse.ssmr:?nt Liability
<br />such ;.toile ;:,r rTaragF owner ar, if mac~t? than ar€e, rewnel°s, jointly
<br />aeon severally; <,-.hail be Ytersctnall,y li.-able tar t: Ft€~ ;;^~tymt~€':t of a.t^e,c~~-..~
<br />under the prt:ceriing Sncti.csns, Upcan tale expiration of t~tirty ('01 days~-
<br />fraslTi t~i;P., ca ij t' L313t~ cif ~~ a,"-~~E':ismE=nt, 2,' £ia J.d at tea?*ssment r.'emain 5~ iknpa 2d,
<br />t-he Assaeia`civn :~dy wring gait against the owner or owners of said suite
<br />or garage for recavecy of the same. If the assessment is a monthly
<br />installment of an annual assessment, the default in payment of one install-
<br />ment when due, ;nay, at the option of the Association, cause the remainder
<br />of the installments dot far that annual period to become immediately due
<br />and payable. The riefaul.tinct suite or garage owner shall be liable Eor
<br />the unpaid assessment ar assessments, interest thereon from the due date
<br />to the date paid at the highest lecial rate, and attorney fees and expenses
<br />incurred in the collection of the ;acme. No proceeding to collect
<br />defaulted assessments pursuant to this Secr_ion shall constitute a waiver
<br />of late lien of the Assar.iatian against said defaulting owner's suite ar
<br />garage nor a waiver of the right oi` the Association to foreclose titerean.
<br />The Grantee of a suite a?' garage sha7.1 be jointly and severally
<br />liable with the grantor for all unpaid assessmE?nts against the latter up
<br />to the time of the granter conveyancE?, without prejudice to the gr,antee's
<br />right to recover from the grantor the amounts paid by the grantee therefart
<br />pravirteri, however, that upon payr.ent of a ecasanaktle Eee and upon written
<br />r;test, :y such prflspectiv. ~-;ranter? ~>hail :~s° entitled to a statement
<br />from thE? 8aard of Administrators, ae thE~ Alanagc°r, in the farm set. forth
<br />in Section 4 of Article V, which shall be <~oncRalsive upon the Association
<br />in fever of all. persons relyi.nra thereon in goad faith. Unless such
<br />reciuest f'ar a statement of indPbtee9n?tis ~thalt h¢ compli€~d with within
<br />F' i F ~.ri ~.n t t r t
<br />x:c~cr, t~. ~! ~uy~ ci ii c: [i r~yuesi=, titer Su C[t 7rdnC['n h cal i. pat [~w ,i lai?lp
<br />Ear, par shal.i. thr condrtmiltium suite nr garage conveyed t>e subje{;~t to a
<br />Lien Ei>r any unpairi as:essmer~ts taccruinq prior to the date of such request.
<br />Th{? prr~vi~,ion_. .et Earth in this ~ecti.srE shall pat ,:apply to the
<br />iniiiai sal,>gs and carv?•yancty of th€t ee;nd{7minium suites or garages made
<br />ry trtc_! i~r+v+?Irlp~Y, <lnxi €aif{~h :);3ln~.i .^>hall ten f7~~ Irnm .aai asseSSmc~ilts to
<br />tltt3 ciatc of" Gt~nvey;:nc~F•.
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