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'I~e Board will incltxie in the asses~ctients and pay to t2~e Deve].oper the OaYpora-
ticn's st~are of the maint~ance oasts of any recreatianal areas tA which the Owners
have an easecnent for use and any nr,x~y c~aecl 1~y the [fiit Owners to the Develc~er
wnder the t~ern~s ori the aor~c3oa~inium dociments. F1u~s fat ttye payment of Oamran bc-
penses shal2 be assessed aqainst the O~mers in the p~+oportians of peroentages of
~rin~J ~~s as P~wided in the Declaratiati. Said assesslnent shall be
payable as osd~ered by t2ye Bo~ri. S~ecial asses~nents, sh~ould such be required bY
the Bo~~d, shall be levied in the samne manr~at as hereinbefare p~wided for requlauc
asse.ssments, and shall be payable in the manner deterrr~ined by the Board.
(b) Ffien the Baard has the amount of any assessnent, the
Treastu~x sha].l mail ar p~+esent to each Owner, a stat~ement of said Owr~er's assess-
ment. All assessnents shall be payable t~o the T~easurer of the DorpAratio~ and,
t~poc~ r'eq~~est, the Zreasurer shall giv~e a reoeipt for each payment naci~ to him.
Section 5. Applicatiari of Payments and Co-Mingling of F1u~ds.
All ~~ans oollected by the. Associatiaari frotn assessnents may be oo-miuigled
in a single fund, or divided into more than one fund~ as detennined by the Bo~d.
All assess~nt payments by an Owner shall be applied as to interest, deli.nqu~encies,
vosts and attorryeys' fees, ather c:har~es. expenses or advar~s, a,s Provided herein
and in the Declaratiori, and g~eral or special assess~ts in-such manner as the
Board in its sole discx+etiaci.
Section 6. Annual Au~dit. Subsequent to t1~e Cessation of DevelaFment,
an audit of acva~nts of the Association shall be made annually by a Uertified Public
' Aooat~ntant, and a vopy of the Report s~all be available for inspectioci by the
~ manbers in the offioe of the Associatian, not later than three manths after the
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; eryd of the year far which the repart i.s made.
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! Section 7. Aoveleratioai of Assessn~nt InstalLnent Lq~on Default.
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~ If an Owr~er shall be in c3~efault in the payment of an instal]ment upon
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~ any assessment, the Board, or if priar to Cessation of Develo~cnent the Dev~elaper,
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' may aooelerate the rs~~*+~ng maithly installirnnts for th~e fiscal year upcxi notioe
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; thexeof to the Owrier ar~d. thQ.reupori, the unpa.id bal~x~e of the asses~ment shall i
; beoane c3ue t~ the date stated in ttye Notice, but n~t less than fifteen (15)
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t days aftex the c3elivery of or mailing of said notioe to the Unit Owner. No Unit
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