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Such budget shall also include such reasonable amounts as the Boazd of Directors considers necessary to provide working capital and such general operating reserve accounts, contingency and other reserve accounts as the Board shall determine. The amount designated for replacement reserves shall be adjusted annually to ~ reflect current replacement cost and remaining useful life. At least thirty (30) days before the beginning of each fiscal year, the Board of Directors shall send to each unit owner a copy of the budget in a reasonably itemized form which sets forth the amount of the common expenses and any special assessment payable by each unit owner. Such budget shall constitute the basis for detemuning each unit owner's assessment for the common expenses of the Condominium. . LJ i~ ~i _(c) The failure of the Boazd of Directors timely to prepare and/or to present a budget to the unit owners shall not be cause for any owner to fail or refuse to pay assessments. Assessments shall continue, based upon the last adopted or accepted budget, until a new budget is created arid announced. Retroactive increases and/or special assessments may be made by the Board of Directors to make up for any deficiency. (d) Subject to such revisions as the budget committees make under the Oregon Local Budget Law, upon adoption of the budgets by the governmental entity unit owners nnder the Oregon Local Budget Law, the Board of Directors shall adopt the final budget for the Association. In the event the Board of Directors fails timely to adopt a budget for a new fiscal year, unit owners holding not less than one hundred percent (1009b) of th~ votes of the entire Association, at any general or specially called meeting, may adopt such a budget, announce it to the unit owners and immediately commeace assessments- based on the newly-adopted budge~ Additionally, at any general or specially called meeting, unit owners may amend any budget adopted by the Board of Directors, Thereafter, assessments to unit owners shall be based on the budget as so amended until a new budget is adopted in accordance with this Section 5. 5. DEFAiJLT. Failure by a unit .owner to pay any assessment of the Association shall be a default by such a unit owner of his obligations pursuant to these Bylaws and the Oregon Condominium Act and, in addition to the Association's other remedies provided in the Declaration and these Bylaws, the Assaciation shall be entided to declaze the balance of such owner's annual assessment otherwise being paid in installments to be immediately due and payable in full. In addition to interest payable on delinquent assessments at the rate of 1246 per annum or at snch higher rate as may be establisiied from time-to-time by the Board of Directors, the Boand of Directors, az its option, may impose a late charge penalty in respect to any assessment not paid within ten (10) days from the due date. Such penalty may not exc~ed the sum of ten percent (10%) of the delinquent assessmen~ Liability for all assessments, charges, interest, fees and other sums owing by a unit owner pursuant to the Declaration, these Bylaws, the Oregon Condominium Act and rules and regvlations of the Association shall be the binding obligation of the unit owner and may be enforced by suit for a money judgment, in addition to all other remedies of the Association. 6. MAiNTF.N NGR ANi~ FP iR, (a) - Every unit owner mnst perform promptly all maitttenance and repair work within his own unit, which, if omitted, would affect the common elements of the Condominium or a part thereof belonging to other owners, and shall be responsible for the damages and liabilities that his failure to do so may cause. (b) All repairs of internal installations of each unit, such as water, lights, gas, power, sewage, telephones, air conditioners and sanitary installations, doors, windows, lamps and all other accessones belonging to the unit area shall be at the sole expense of the owner of such unit (c) A unit owner shall reimburse the Association for any expenditures incurred in repairing or replacing any common element andlor facility damaged through his fault, not otherwise covered by insurance policies carried by the Associstion for the unit owner's and Association's benefit. - (d) A unit owner may contract with maintenance and repair required hereunder, but n~ responsibility to perform such work. another unit owner or a third pazty to perform the such contract shall relieve such unit owner from Bylaws Courthouse Square Condominium Page - 8 1026980258 ~ ~