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<br />and le.. ~ny estimated payments to be rec.iv.1 by the A..ociation <br />from rental. licen.ing or other payment. for tne pUr.PQ..a of <br />defraying tbe co.te of tbe use of the COmmon Zl...nt.. If. budget <br />i. not ade by the Board of Director. .. required. a IIOnthly <br />....s.ment in the amount required by the laat prior budget sh.ll be <br />due upon each monthly a..essment payment date until changed by . <br />new budget. In the event an annual or other budget proves to be <br />in.uffic~~ It, or in the event of extEaordinary or unfor.een c~n <br />expenses. the budget and monthly assessment. based thereon may be <br />amended, or a spec~al aasessment levied, at any time by the Board <br />of Directors. Any specIal as.essment shall be aase.sed again.t the <br />Owners. .hall be a lien on the Units and ahall be enforceable in the <br />aame manner a. the monthly a.ses.ment.. Special a.sessment. .hall <br />be payable in installments or lump sum. all.. de.ignated by the <br />Board of Directors. <br /> <br />Section 3. Payment of Common Expen.es. All Owners dhall <br />be obligated to pay the Common Expenses assessed ~nd levied by the <br />Board of Directors pursuant to Section 2 of this Article V. An <br />Owner may not avold assessment for Common Expenses by failing or <br />waiving the right to use or enjoyment of the Common Element.. <br />Monthly assessments shall be due aa provided in Section 2 of this <br />ARTICLE V and special assessments shall be due when designated by <br />the Board of Directors. Any mortgagee acquirlng a first mortgage <br />interest from any Owner of a Unit and its appurtenant undivided <br />interest in COMmon Elements may, aa a condition of the loan. <br />include in the mortgage note or deed a requiramen~ that the <br />mortgagor, upon e~ecution of the mortgage deed, make a monthly <br />deposit with the mortgagee of an amount each .ontb sufficient to <br />pay when due and payable all Common Expenses attributable to that <br />Unit. The mortgage note or deed may further provide that a default <br />in making such deposit ahall be ~ default under the terms vf the <br />mortgage deed. In the event that mortgagee collects the monthly <br />installments, such mortgagee shall remi~ th~ installments monthly <br />on a current baS1S to the Assoc1ation. <br /> <br />Section 4. Assessment Roll. The Assessments Against all <br />Owners shall be set forth upon a roll of the Un1ts which ahall be <br />available in the off1ce of the As.ociation or of any managing agent <br />retalned by the Association for inspection at all reasonable times <br />by Owners or their duly authorized representatives. Such roll <br />.hall indicate for each Un1t the name and address of the OWner or <br />Owners, the assessments for all purposes. and the amounts of all <br />assessments pa1d and unpaid. A certificate made by the Association <br />as to the st~tU8 of an Owner's asaessment account shall limit the <br />liability for any person for whom made other than the Unit Ownet. <br />The Associatlon shall i.sue such certificates to such persons a. an <br />Owner may request ln wrlt1ng. or to the mcrtgagee of record of ary <br />Uni~. <br /> <br />-13- <br />