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14 <br />funds collected from the purchaser at the closing for any prior contributions made by Declarant <br />to any reserve fund with respect to that Unit. <br /> <br />6.6. Liability of Owners for Assessments. The obligation of an Owner to pay <br />Assessments shall commence at the later of (i) the time at which the Owner acquires title to the <br />Unit, or (ii) the due date of the first Assessment levied by the Board. The Owner at the time an <br />Assessment is payable with respect to the Unit shall be personally liable for the share of the <br />Common Expenses assessed against such Unit. Such liability shall be joint and several where <br />there are multiple Owners of the Unit. Subject to Section 6.7, the liability is absolute and <br />unconditional and no Owner is exempt from liability for payment of Assessments by right of set- <br />off, by waiver of use or enjoyment of any part of the Property, by absence from or abandonment <br />of the Unit, by the waiver of any other rights, or by reason of any claim against the Declarant, the <br />Association or its officers, directors or agents, or for their failure to fulfill any duties under the <br />Governing Documents or the Act. <br /> <br />6.7. Declarant’s Liability for Assessments. Pursuant to Section 515B.3-1151 of the <br />Act, the Declarant is hereby authorized to establish an alternate common expense plan whereby <br />the Declarant’s Common Expense liability, and the corresponding assessment lien against the <br />Units owned by the Declarant, is limited to: (A) paying when due, in compliance with Section <br />515B.3.1-1151(b) of the Act, an amount equal to the full share of replacement reserves allocated <br />to Units owned by the Declarant, as set forth in the Association’s annual budget, and (8) paying <br />when due all accrued expenses of the CIC in excess of the aggregate assessments payable with <br />respect to Units owned by persons other than Declarant, provided that the alternate common <br />expense plan shall not affect Declarant’s obligation to make up any operating deficit pursuant to <br />Section 515B.3-115l(a)(2)(iv) of the Act. <br /> <br />6.7.1. Duration of Alternate Common Expense Plan. The alternate common <br />expense plan shall be effective for a period of not less than one year but shall in any event <br />terminate upon the termination of the Declarant Control Period unless terminated earlier <br />pursuant to Section 515B.3-1151 (a)(2)(iii) of the Act. <br /> <br />6.7.2. Level of Services. The alternate common expense plan shall have no effect <br />on the level of services for items set forth in the Association’s budget. <br /> <br />6.7.3. Accounting Obligations Associated with Use of Alternate Common <br />Expense Plan. If Declarant utilizes an alternate common expense plan, Declarant shall <br />cause to be prepared and delivered to the Association, at the Declarant’s expense, within <br />90 days after the termination of the Declarant Control Period, an audited balance sheet <br />and profit and loss statement certified to the Association and prepared by an accountant <br />having the qualifications set forth in section 515B.3-121 (b) of the Act. The audit shall be <br />binding on the Declarant and the Association. <br /> <br />(i) If the audited profit and loss statement shows an accumulated <br />operating deficit, the Declarant shall be obligated to make up the <br />deficit within 15 days after delivery of the audit to the Association, <br />and the Association shall have a claim against the Declarant for an <br />127