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Section 3. Commencement of Initial Annual Assessments. The annual assessments provided for herein shall commence as to all Units not later than 60 days after the conveyance of the first Unit to an owner other than Declarant. The first annual assessment shall be adjusted according to the number of months remaining in the calendar year. Section 4. Commencement of Annual Assessments. By November 30 of each year, the Board shall fix the amount of annual assessments against each Unit for the following fiscal year and shall send written notice thereof to each owner. The due date for payment of annual assessments shall be set forth by the Board. At the time the Board fixes the amount of annual assessments, it shall adopt a budget for the following fiscal year and shall cause a copy of such budget in reasonable detail to be furnished to each owner. Prior to November 30, of the year this Declaration was recorded, the amount of the annual assessments shall be $3,600.00 and will be collected in equal monthly installments of $300.00 each, commencing on the 1 st day of the months succeeding the date of recording of this Declaration. Section 1. ARTICLE XI ALTERNATIVE ASSESSMENT PROGRAM Alternative Assessment. The Declarant hereby establishes an alternative assessment program of the type described in Section 515B.3-115(a)(1) of the Act. Specifically, the Declarant covenants to pay during the guaranty period (as set out below), in lieu of all common expense assessment otherwise payable on Declarant's Units during such period, the excess, if any, of (a), and expenses over (b) monthly unit assessment of $ 150.00 multiplied by the number of Units then owned by owners other than Declarant, subject to the following conditions: a. The payments of excess expenses made by Declarant under this guaranty shall not exceed $ 150.00 per Unit per month nor aggregate of $ 450.00 for anyone Unit. b. The guaranty period will commence at the time the first common expense assessment is levied, which shall be no later than 60 days after the first conveyance of a Unit to an owner other than Declarant. Prior to that time, Declarant will pay all accrued common expenses. c. The guaranty period will extend for a minimum of 12 calendar months and a maximum of 24 calendar months. d. The Declarant may not commence or re-commence this alternative assessment program at any time other than at the time the first common expense assessment is levied. e. This alternative assessment program will have no effect on the level of service for items set forth in the Association's budget. 5