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Assessments are approximately equal or gradually increasing and <br /> such that, when each major repair or replacement is expected to <br /> occur, there will be sufficient cash in the Sinking Fund. <br /> (c) If for any reason the Sinking Fund is ever inadequate to <br /> fund a major repair or replacement, then the Association may levy <br /> a Capital Assessment (pursuant to Section 6 of this Article) to <br /> defray the extra cost. <br /> Section 6. Capital Assessments. <br /> (a) Whenever the Board determines that the Sinking Fund is <br /> inadequate to fund a major repair or replacement, whenever <br /> insurance proceeds are inadequate to restore damaged common <br /> property and whenever the Board decides to install additional <br /> capital improvements to the Common Area or elsewhere, the <br /> Association may levy a "Capital Assessment. " <br /> (b) Each Capital Assessment shall be due and payable in such <br /> installments as the Board shall determine, but no more frequently <br /> than monthly and no less frequently than semiannually, and in any <br /> event shall be fully paid within the expected useful life of the <br /> improvement. <br /> Section 7. Separate Assessments. <br /> (a) Whenever a Lot and its owner is separately responsible <br /> for maintenance or repair of any part of the Common Area, the <br /> Association shall levy a "Separate Assessment" against that Lot and <br /> its Owner. <br /> (b) Each Separate Assessment shall be due and payable in such <br /> installments as the Board shall determine, but no more frequently <br /> than monthly and no less frequently than semi-annually and in any <br /> event shall be fully paid within twelve months. <br /> Section 8. Uniform Rate of Assessment. All Assessments shall <br /> be fixed at an equal rate for all Lots, except that Separate <br /> Assessments shall be levied against only those Lots and Owners whom <br /> the Board determines (after notice and a reasonable opportunity to <br /> be heard) to be responsible. <br /> Section 9. Effect of Nonpayment of Assessments; Remedies of <br /> the Association. Any Assessment or portion thereof not paid within <br /> thirty (30) days after the due date shall bear interest from the <br /> due date at the rate of eight percent (8�) or such other legal rate <br /> set by the Board of Directors. The Association may bring an action <br /> at law against the Owner personally obligated to pay the entire <br /> unpaid portion including costs of attorneys' fees and interest, or <br /> foreclose the lien against the property, or both, and the costs and <br /> reasonable attorneys' fees of any such action shall be added to the <br /> amount of such Assessments and shall also be secured by the lien <br /> il <br />