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ARTICLE V OPERATION or THE PROPERTY Section 1. C01llllOn Expenses. COlaOn Exp.n.es .ball ..an and include all e%pen.es approved or incurred by the Board of Director. or by officers of the Association. purauant to authority given to the Boar~ of Directors by law, in these By-Laws or the Declaration and in the perfon'..ancu- of the pQ\fers and duties of the Board of Directors, and those items identifie,\ aa Common Expense. 1n the Declaration. Section 2. Budget: Levy. The Board of Director. .hall from time to time, and at leaat annually in advance of the beginning of the A.sociation's fiscal year. prepare a budget of Common Expenses for the A.sociation and .hall allocate, a.se.. and levy such Common Expenses among the Unit Owners according to their respective undivided interest in the Common Elements. Upon the vote of the Board of Directors adopting a resolution which sets forth the budget of COmMon Expenses and the allocation thereof to the OWners, the amount '0 allocated to tbe OWners of each Unit Iball, without further resolution by the Board of Directors. be divided by the number of months for whicb such Budget has been prepared and the reault 10 obtained shall be levied .a a monthly a..esement against .uch Unit, due on the firat day of each month during the period covered by the Budget; without further resolution by the Board of Directors. The Common Expenses ahall include those Common Expenses set forth in the Declaration and these By-Laws and may include auch other amounts aa the Board of Directors aay deem proper for the operation and maintenance of the Property, provided however, that the a..eBsment for Common Expen.es .hall include an adequate re.erve fund for maintenance, repair and replacement of those Common Elements that must be replaced on a periodic basis, and ahall, when practicable, be payable in regular installments. In the event that any real estate taxes or special aauessments are ever levied aga1nst the Property and not div1ded and levied against the individual Units, the same shall be paid by tbe Association ae a Common Expense. The Board of Directors shall advise all members in writing prior to the beginn1ng of the period covered by the budget as to the amount of the monthly a.ses.ment payable by each of them, and shall, upon request by the Member, furnish copies of each budget on WhlCh such C~mmon Expenses and th6 Assessment are based to auch Member and to his First Mortgagee. The total of any budget shall be in the amount or t~e estimated Common Expenses for the period covered thereby, includlng a reasonable allowance for contingencies and re~erves, less the amounts of any unneeded Common Expense account balances existing Crom the previous period's -12-