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delinquent in the payment of assessments. _ <br /> 3. Preparation of Proposed Budget and Levying of Assessment.The first Board of <br /> Directors (appointed by Declarant) shall determine and adopt, prior to conveyance of the ' <br /> first unit hereunder, an initial budget for the period commencing with the first day of the <br /> month in which the sale of the first unit is closed and ending on December 31 st of such <br /> calendar year. Each year thereafter,before December l, the Board of Directors shall <br /> estimate the total amount necessary to pay the common expenses and the Parking Area <br /> Expenses which will be required during the ensuing calendar year together with the <br /> reasonable amount considered by the Board to be necessary for reserves for such things <br /> as maintenance, alterations and improvements, reconstruction and repair, and <br /> emergencies. No later than December 1 of each year, the Board of Directors shall provide <br /> or mail to each of the unit owners a copy of said budget and a notice advising the unit <br /> owner of the estimated amount of the assessment he shali pay in the next calendar year <br /> which shall be in accordance with the allocation of common expense liability set forth in <br /> Exhibit "A" attached hereto. <br /> 4. Payment of Assessments in Installments and When Due. On or before January 2 of the <br /> year following the levying of an assessment as provided in the previous Section hereof, <br /> and the first of each and every month of said year thereafter, each member shall be <br /> obligated to pay to the Board of Directors,or as it may direct, 1/12th of the assessment <br /> levied pursuant to the preceding Section hereof. In addition, each owner shall pay <br /> assessments levied against his unit(s)when the same become due. <br /> 5. Special Assessments. In addition to the annual assessments levied on or before <br /> December 1 of each year, as provided hereinabove in Section 3 of this Article VI, the <br /> Board of Directors may in its discretion levy special assessments at such other and <br /> additional times as in its judgment are required for the proper management,maintenance <br /> and operation of the common elements or to defray the costs of any unforeseen or <br /> unbudgeted common expense, including without limitation the unexpected construction, <br /> reconstruction,replacement or repair of a capital improvement and including fixtures and <br /> personal property related thereto. <br /> 6. Failure to Prepare Annual Budget and Levy Annual Assessment.The failure or delay <br /> of the Board to prepare the proposed annual budget and to levy assessments upon each <br /> member as provided in Section 3 of this Article VI shall not constitute a waiver or retease <br /> in any manner of such members obligation to pay annual assessments, whenever the same <br /> shall be determined, and in the absence of any annual budget, each unit owner shall <br /> continue to pay the monthly assessment at the then existing monthly rate until he shall <br /> have received the new annual assessment levied against him. <br /> 7. Fees, Charges, Late Charges, Fines & Interes� Fees(including attorney's fees), <br /> charges, late charges fines and interest charges provided for in Sections S 15B.3- <br /> 102(a)(10), (11) and (12} and S15B.3-115(e)(4) and(5)of the Act shall be deemed to be <br /> assessments and will constitute a lien and be enforceable in accordance with Section <br /> S 15B.3-116 of the Act. Any such fees and charges shall also be a personal obligation of <br />