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i Board of Directors, the annual assessment may be made payable quarterly. The annual assessment shall commence upon the recordation of the Declazation. Liability for assessments shall be the binding obligation of the nnit owner. Prior to such time, the Declarant shall pay all operating expenses of the + Condominium. All of the reserve accounts set up pursuant to these Bylaws shall be funded by allocation and payment from the quarterly assessment of unit owners. The assessment of all unit owners who may be benefitted by expenditure of reserve funds may be increased as necessary, so the reserve fund in question t. can be maintained in an amount sufficient to meet the needs for which snch fund was established. Except as otherwise provided in the Declaration or these Bylaws, each unit will be liable for the common expense in proportion to such unit's percentage ownership in the common elements. The annual assessment of units shall inclnde the following items, which shall be common expenses: ~i Exoense Items: 1 ~a) ~ "f ro) Eapenses of administration; Expenses of maintenance, repair or replacement of the common elements; -° (c) Any deficit in common expenses for any prior period; ~ (d) Utilities for the common elements and other utilities with a common meter or commonly billed, such as water, sewer, and electricity; (e) The cost of any ptofessional management, if any; ( fl Legal, accounting and other professional fees; and (g) Any other items properly chazgeable as an expense of the Association. Reserve Items• (a) Cost of insurance or bonds obtained in accordance~with these Bylaws; (b) A reserve account for the purpose of effecting replacements of structural elements, mechanical equipment and other common elements of the Condominium which will normally require -~ replacement in more than tt~ree (3) years and less than thirty (30) years: Payment into this account shall be deemed a contribution to capital impmvement as and when made. Pursuant to provision of the. Oregon Condominium Act, the Declarant has established a reserve account for replacement of such common ..elements. ~~~ . _ . The Board of Directors shall prepare a schedule of those common elements having a remaining usefal ~ life of more than three (3) and less than thirty (30) years, together with the current replacement cost of such ~ common elements. The amount of the penodic payments to the reserve account shall be adjusted at regular intervals to recognize changes in remaining useful lives and replacement costs over time. Except as ~ otherwise provided in the Oregon Condominium Act, the reserve account shall be ~ used only for ~ replacement of common elements and shall be kept separate from acconnts for maintenance; ~~ (c) In the discretion of the Board of Directors, a general operating reserve account by ` i allocation and payment thereto monti~ly of an amount detenmined by the Boazd of Directors; and ~ (d) Such other special reserve funds as may be set up by the Directors by special assessments of the unit owners who benefit thereby as may be required by the Declaration or otherwise determined by. ~ the Association of Unit Owners to be appropriate,' including a reserve fund for any lease payments. i ~` Bylaws Courthouse Square Condominium ' Page - 6 1026980258 ~~ _