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for which the assessments are .:.ade . Suc:, assessments shall be due
in monthly installments, in adva: ce, ~n the first day of eacr. r.:o :tr.
of the year for which the assess~;en~s are made. If an annual assess-
. ment is not made as required, an asses~.:~ent shall be presumed to
have been made in the amount of t'r.e l~st prior assessr,tent a:.d Mont~.ly
installments on such assessm,ent s'r.a~~ ~e due upon each install:r,er.t
gayment date until cr.anged by aa a:~:e::c~d a~sessment. In the ever.t
the annual assessment proves to bz ir.su~ficient, the budget and
assessments may be amended at ar.y ti:e by the board of directors.
T:~e unpaid assessment for the re:aaining portion of the calendar
year for which the amended assessr.ie~t is made shall be due upo:: t:,e
date of the assessment or as deterr,~i::ed by tY•.e boar3 of direc~ors.
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Tne first assessment shall be deterr:~ined by tP:e board of directors
of the Association, which may inclune a:, a.::ou :t for working ca~:r:a;:.
6.4. Acceleration of Gssassr?ent installments udon de~ault.
~ If a member shall be in defau2t in ;,::e paym.ent of an installn~er.t
upon an assessment, the board of directors m,ay accelerate the r~~~air.-
ing installments of the assess,;;ent uno : r.otice to t'~e ::~er:wer, ar.d t'r.~n
the unpaid balance of the assessment s:.a11 cone due u~o:. t:;e date s ~ateG ~
f in the notice, but not less than (10 ) da~~s after delivery ef t~`~e nct~ce ~
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i to the unit owner, or not less t,han (20) ~ays after t2,.e r,ailing o~ such
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E notice to him_by registered or certi~ie3 r..ai1, whichever shall ~irst
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occur.
6.5 . Assess;~ents for e_~Lerqencies . Assess.:.ents for
conar~on expenses of emergencies tY~.at ca.not be naid from tr.e ar.:.u~~
assessments for~ comir.on expenses s::al~ be made only after :otice of
the need for such is given to the ne.-;~bers. After sucr. :otice a: d
~ upon approval in writing by ~erso:~s e::~itled to cast n,ore tr.a:. one-
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~ half of the votes of the r:le:nbers, t:e assessr~.ent shall becor.:e e~feczive,
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~ and it shall be due ~fter thirty dG;; s' ; o~ice in such nlanr.er as t:~.e
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board of directors of the Associat~.on :nay require in the notice of
assessraent.
~ 6.6. The depositor~~ of the Association shall be suc;~~
~ bank or banks as shall be designatad from ti::te to tir..e by the d~rectors
~ and in which tr.e moneys of the Associ4tio: shall be deposited. With-
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