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<br />previous fiscal year, unless such increase is approved by a vote of sixty-seven percent . <br />(67%) of the Members, voting in person or by proxy, at a meeting called for that <br />purpose. <br /> <br />10.03 Special Assessments. In addition to the annual assessments authorized <br />above, the Association may levy, in any assessment year, a special assessment <br />applicable to that year only for the purpose of defraying, in whole or in part, the cost of <br />any unforeseen or unbudgeted Common Expense, including, without limitation the <br />unexpected construction, reconstruction, repair or replacement of a capital improvement <br />and including fixtures and personal property related thereto, and the exterior <br />maintenance of Units, provided that any such assessment must be approved by a vote <br />of sixty-seven percent (67%) of the Members who are voting in person or by proxy, at a <br />meeting duly called for this purpose. <br /> <br />10.04 Maintenance Assessments/Initial Contribution. In addition to annual and <br />special assessments, the Association may levy in any assessment year a maintenance <br />assessment, without a vote of the Owners, for the purpose of defraying in whole or in <br />part the cost of maintenance, repair or replacement of any exterior part or appurtenance <br />of anyone or more Dwelling and any improvements on a Unit or Units. The <br />assessments provided for in this Section are intended to provide funding for (i) "staged" <br />maintenance programs whereby the Association implements the overall maintenance <br />and repair of the Property in a series of stages from year to year and (ii) maintenance <br />required by a single or limited number of Units. Maintenance assessments shall be . <br />levied in any manner permitted by Section 515B.3-115(e) of the Act against only the <br />Unit or Units benefited. The assessment shall be a personal obligation of the Owner <br />and a lien against the Unit with the same priority and enforceability as any lien for <br />annual or special assessments. <br /> <br />10.05 Commencement of Initial Annual Assessments. The annual assessments <br />provided for herein shall commence as to all Units in each phase not later than 60 days <br />after the conveyance of the first Unit in that phase to an Owner other than Declarant <br />(the "first annual assessment"). The first annual assessment shall be adjusted <br />according to the number of months remaining in the calendar year. <br /> <br />10.06 Commencement of Annual Assessments. The Board shall fIX the amount <br />of annual assessments against each Unit for the following fiscal year and shall send <br />written notice thereof to each Owner. The due date for payment of annual assessments <br />shall be as set by the Board. At the time the Board fixes the amount of annual <br />assessments it shall adopt a budget for the following fiscal year and cause a copy of <br />such budget in reasonable detail to be furnished to each Owner. <br /> <br />10.07 Interest on Delinquencies. The Board of Directors may, by resolution, <br />require that Owners pay interest on delinquent installments from the first day of the <br />month in which they are due at the highest rate allowed by law, but not in excess of <br />eight (8) per cent per annum. Installments paid on or before ten (10) days after the first . <br />day of each month shall not result in any late charge, but the Board of Directors may, in <br /> <br />8 <br />