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annually fix the amount to be contributed pro rata by each <br /> member to reserve funds for the purpose of defraying, in whole <br /> or in part, the cost or estimated cost of any reconstruction, <br /> repair or replacement of improvements, including fixtures and <br /> r, personal property related thereto. Such determination shall be <br /> made after consideration of the need for additional funds and <br /> of the Association's capital position. The Board shall maintain <br /> a separate account for those funds. The Board shall fix the <br /> method of payment of such assessments and shall be empowered <br /> to permit either lump sum or monthly payments. Separate <br /> records shall be maintained for all funds deposited to the <br /> said account, which shall be designated as a "Reserve Account". <br /> Amounts received by the Association as <br /> contributions, assessments or dues from the owners shall he <br /> c held in one or more accounts. Deposits shall be made, and <br /> '-4 funds accounted for so that reserves for capital improvements <br /> j and for replacement, can be clearly separated from funds for <br /> operating expenses or repair and maintenance funds. Capital <br /> v: improvement and replacement funds shall be used solely for <br /> w capital improvements and replacements of the common area within <br /> the project. <br /> O Under <br /> 4.5 Notice and Quorum for any Action Authorized Un <br /> U <br /> V Sections'4. 3 and 4.4: Any action authorized <br /> under Sections 4.Y. and . 4, which requires a vote of the F,., <br /> membership, shall be taken at a meeting called for that purpose, <br /> written notice of which shall be sent to all members not less ;4' <br /> than thirty (30) nor more than sixty (60) days in advance of <br /> the meeting specifying the place, day and hour of the meeting i <br /> and, in the case of a special meeting, the nature of the ;� <br /> business to be undertaken. If a quorum is present and the v. <br /> proposed action is favored by a majority vote of the members <br /> present at such meeting, but such vote is less than a majority <br /> of the voting power of the Association, including a majority of <br /> members other than the Declarant, members who were not present <br /> in person or by proxy may give their assent in writing, provided <br /> the same is obtained by the appropriate officers of the Associa- <br /> • tion not later than thirty (30) days from the date of such <br /> meeting. <br /> 4.6 Division of Assessments: Except as provided in II <br /> Section 4.4, all assessments, both annual and special , shall be <br /> charged to and divided among the unit owners as provided in <br /> Exhibit "B" attached hereto and incorporated by reference <br /> herein. Exhibit "B" shall be revised to include all units upon <br /> annexation of subsequent phases pursuant to Section 2.4. <br /> Assessments may be collected on a monthly basis. <br /> 4.7 Date of Commencement of Annual Assessment: Due <br /> Dates: The regular assessments provided for <br /> herein shall commence as to all units in the first phase (Phase # <br /> I ) on the first day of the month following the closing of the i <br /> tirst sale on the conveyance of the first unit to the owner in <br /> -13- <br /> y, <br /> F.j <br /> �4 <br /> o <br /> Tai. , Z' i ,2t . ` . �. . F .. ' .■4' \. , <br />