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6. 1. F. - Page 33 costs and a reasonable attorney's fee, shall also be the personal obligation of the Owner of such Condominium at the time such Assessment becomes due. Before the Association may place a lien upon a Condominium pursuant to this section, to collect an obligation which is past due, the Association shall notify the Owner in writing by certified mail of the fee and penalty procedures of the Association, provide an itemized statement of the charges owed by the Owner, including items on the statement which indicate the Assessments owed, any late charges and the method of calculation, any attorneys' fees, and the collection practices used by the Association, including the right of the Association to the reasonable costs of collection. Any payments owed toward such a debt shall first be applied to the principal owed, and only after the principal owed is paid in full shall such payments be applied to interest or collection payments. The personal obligation for delinquent Assessments shall not pass to the Owner's successors in title unless expressly assumed in writing by them. No Owner may exempt himself from liability for his contribution towards the Common Expenses by waiver of the use of enjoyment of the Common Area or by the abandonment of his Unit. Section 4.2 Purpose of Assessments The Assessments levied by the Association shall be used exclusively to promote the health, safety and welfare of all of the residents in the entire Development, for the improvement and maintenance of the Common Area and for the common good of the Development. Use of Association funds for election or campaign purposes shall be limited as provided in Civil Code Section 1363.04. Section 4.3 Annual Assessments Each Owner shall pay Assessments based upon the initial Association operating budget submitted by Declarant and accepted by the DRE as a part of Declarant's application for a final subdivision public report (the "Association Budget "). Said budget shall be based on the estimated operating expenses to be paid during the initial year by the Association in the performance of its duties (plus a reasonable provision for replacement reserves, including a reserve for life safety systems not entirely within a Unit) and shall be assessed against each Condominium in the Development as provided in Section 4.8 of this Declaration. The operating expense budget, including reserves, shall be reviewed annually by the Board and revised periodically at the discretion of the Board in order to reflect the actual operating expenses and required reserves of the Development. During each succeeding fiscal year of the Association, the Board may not impose an Annual Assessment that is more than twenty percent (20 %) (or any other maximum percentage permitted by law) greater than the Annual Assessment for the Association's preceding fiscal year without the approval of Owners casting a majority of votes at a meeting or election of the Association at which a quorum was present in accordance with Section 4.5 and conducted in accordance with Corporations Code Sections 7510 et seq. and 7613. Any such voting of the Owners regarding assessments shall be by secret ballot and shall comply with the applicable procedures in Civil Code Section 1363.03. This Section shall not limit Assessment increases necessary for the following emergency situations: (1) an extraordinary expense required by an order of a court; (2) an extraordinary expense necessary to repair or maintain the Development or any part of it for which the Association is responsible where a threat to personal safety in the Development is discovered; (3) an extraordinary expense necessary to repair or maintain the Development or any part thereof for which the Association is responsible that could not have been reasonably foreseen by the Board in preparing and distributing the Budget (prior to the imposition or collection of an Assessment under this subsection (3), the Board shall pass a resolution containing written findings as to the necessity of the extraordinary expense involved and a determination as to why the expense was not or could not have been reasonably foreseen in the budgeting process and such resolution shall be distributed to the Members with the notice of Assessment). Unless the Association is exempt from Federal and State of California income taxes, all reserves shall be accounted for as contributions to the capital of the Association and as trust funds segregated from the regular income of the Association or in such other manner authorized by law or regulation of the 23 CCRS -One Marina. docx