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12 <br />Common Expenses and reserves shall be credited against future Assessments or added to <br />reserves, as determined by the Board. <br /> <br />SECTION 6 <br />ASSESSMENTS <br />6.1. General. Assessments shall be determined and assessed against the Units by the <br />Board, in its discretion, subject to the requirements and procedures set forth in this Section 6 and <br />the Bylaws. Assessments shall include annual Assessments under Section 6.2 and may include <br />special Assessments under Section 6.3 and limited Assessments under Section 6.4. Annual and <br />special Assessments shall be allocated among the Units in accordance with the allocation <br />formula set forth in Section 4.2. Limited Assessments under Section 6.4 shall be allocated to <br />Units as set forth in that Section. <br /> <br />6.2. Annual Assessments. Annual Assessments shall be established and levied by the <br />Board. Each annual Assessment shall cover all of the anticipated Common Expenses of the <br />Association for that year which are to be shared by all Units in accordance with the allocation <br />formula described in Section 4.2. Annual Assessments shall be payable annually, or in equal <br />monthly or quarterly installments, as established by the Board. Annual Assessments may <br />provide, among other things, for an adequate reserve fund for the replacement of the Common <br />Elements and those parts of the Units for which the Association is responsible and which are not <br />funded by limited Assessments, pursuant to Section 6.4. Annual Assessments shall provide, for <br />funds adequate to perform the minimum required maintenance of the Common Elements under <br />any preventive maintenance plan adopted by the Association as required under Section 515B.3- <br />107 of the Act. <br /> <br />6.3. Special Assessments. In addition to annual Assessments, the Board may levy in <br />any Assessment year a special Assessment against all Units in accordance with the allocation <br />formula set forth in Section 4.2. Among other things, special Assessments may be used for the <br />purpose of defraying in whole or in part the cost of any unforeseen or unbudgeted Common <br />Expense. <br /> <br />6.4. Limited Assessments. In addition to annual Assessments and special <br />Assessments, the Board may at its discretion, levy and allocate limited Assessments among one <br />or more, but not all, Units, in accordance with the following requirements and procedures: <br /> <br />6.4.1. Any Common Expense associated with the maintenance, repair, or <br />replacement of a Limited Common Element shall be assessed exclusively against the Unit <br />or Units to which that Limited Common Element is allocated, as determined by the <br />Board. <br /> <br />6.4.2. Any Common Expense benefiting fewer than all of the Units but not <br />falling within Section 6.4.1 may be assessed against the Unit or Units benefited, as <br />determined by the Board. <br /> <br />125