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<br /> her grantee shall he jointly and severally liable for such por-
<br /> I tion thereof as may be due and payable at the time of convey-
<br /> ance. Assessments shall he paid in such manner and on such
<br /> N. dates as may be fixed by the Board of Directors which may in-
<br /> 0
<br /> ✓ elude, without limitation, acceleration of the annual assess-
<br /> ) ment for delinquents; unless the Board otherwise provides, the
<br /> 1 assessments shall be paid in monthly installments.
<br /> The Association is specifically authorized and en-
<br /> co
<br /> couraged to seek public and private funds to help defray, in
<br /> whole or in part, the expenses for which assessments would be
<br /> 3
<br /> H necessary. To the extent received, such funds shall be used
<br /> 0 to reduce the assessments otherwise required by the budget in Cr
<br /> Section 2. (/:
<br /> Section 2. Computation of Assessment. If the Associ-
<br /> ation incurs ongoing Common Expenses, the Board shall prepare
<br /> an annual budget. If so, the following provisions shall apply:
<br /> It shall be the duty of the Board, at least thirty (30)
<br /> days prior to the meeting at which the budget shall be presented
<br /> i to the membership, to prepare a budget covering the estimated
<br /> [
<br /> i costs of operating the Association during the coming year. The
<br /> budget shall include a capital contribution establishing a re-
<br /> serve fund in accordance with a capital budget separately pre-
<br /> pared and shall separately list general and parcel expenses, if
<br /> [ *,. .i 1717 any. The Board shall cause a copy of the budget, and the amount
<br /> •:, of the assessments to be levied ageinst each Residential Unit
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