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(c) Whenever the Emergency Fund is depleted below the level <br />set forth in Subsection (a), the Association shall replenish the <br />Emergency Fund by levying additional Emergency Fund Assessments <br />against all the Lots and their respective Owners. <br />Section 5. Sinking Fund Assessments. <br />(a) The Association shall establish a separate reserve fund <br />("Sinking Fund") to provide cash for major repairs and replacement <br />of those improvements in the Common Area and^^^Js^wjt^gj^e that will, <br />after a number of years, need major repairs or replacement. Such <br />improvements include, without limitation, the road, the sanitary <br />sewer laterals, the storm sewer facilities, water mains, the <br />entrance monuments and the pedestrian trail. " <br />(b) The Board of Directors shall, in good faith, determine <br />the useful life of such improvements and an appropriate schedule <br />of "Sinking Fund Assessment^ such that each year the Sinking Fund <br />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) Whenrver a Lot and its 0%mer 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 />- 11 -