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81--~(~208"~ ARTICLE V. BUDGET AND ASSESSMENTS. Section 1. Budget^ The Beard of Administrators shall adopt a budget foe each fiscal year, beginning on April 1st and ending on the next March 31st, which shall include the estimate of funds required to defray common exgneses in the coming fiscal 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 sums as needed to make up any deficit in the cammen expense assessments for prior years. The budget shall be adopted in March of each year in advance of the coming fiscal year and copies of t<yetwdget and theannual 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 ar decrease in assessments shall be ensiled to each suite or garage owner prior to the effective date of such increase oc decrease. Sectian 2. Annual Assessments. The first annual assessme at shall be levied against each suite or garage and the owner thereof on Tune 1st, 1981 ar June lst of the next fiscal year after relinquishment of control af.' 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 pay- ments shall become due and payable upon the lst of June and *_he 1st of each month thereafter during the fiscal year. Annual assessments for each fiscal year thereafter shall he 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 b2 computed according to such suite's or oarage's prorate share of the total annual budget for the fiscal year based upon the percentage of such suite's or garage's basic value as set forth in Paragraph I'y' of the Master Deed. Section 3. Interim Assessments. Until June 1, 1981, or until the first le>:f of annual assessments according to Section 2 of Article V, after the Developer shall relinquish control of the ASSOC1at1GR, whichever shall first oc,:ur, the following interim assessments shall be due and payable on the first day of eac}: calendar month: SUi'PG I'r+T-ERiM ASS€SSME": Sjrmg 1NTF.RIM ASSESSMENT NUMBER _ jPER N~NTHJ __ NiTcwER __~DER -'MONTH} 19 53;.58 24 546.57 ~0 35 24 25 30.01 21 42.20 26 29.19 22 40.44 27 30.01 23 40.64 28 30.01 GARAGE INTERIM ASSESSMENT GARAGE INTERIM ASSESSMENT LETTER __ (PER MONTH} _ LETTER (PER MONTH) _~ L $3.Ofl C $3.00 M 3.00 N 3.00 The first interim assessment shall accrue, as to a purchaser of a suite or garage fcom Develaper upaan the fir::t. day of the next calendar month following the date of closing. The purchaser, at the dosing, shall pay the first six (6) month's interim assessments in advance. After the prepayment period, interim assessments shall be- come due and payable upon the first dap of each calendar month. In the event that the first annual assessment is levied during the period for which a purchaser has prepaid -8-