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Except as otherwise provided in the Declaration or these <br />Bylaws, each unit will be liable for the common expense in <br />proportion to such unit's percentage ownership in the common <br />elements. <br />The annual assessment of units shall include the following <br />items, which shall be common expenses: <br />Expense Items: <br />(a) Expenses of administration; <br />(b) Expenses of maintenance, repair or replacement of <br />the common elements; <br />(c) Any deficit in common expenses for any prior <br />period; <br />(d) Utilities for the common elements and other <br />utilities with a common meter or commonly billed, <br />such as water, sewer, and electricity; <br />(e) The cost of any professional management, if any; <br />(f) Legal, accounting and other professional fees; and <br />(g) Any other items properly chargeable as an expense <br />of the Association. <br />Reserve Items: <br />(a) Cost of insurance or bonds obtained in accordance <br />with these Bylaws; <br />(b) A reserve account for the purpose of effecting <br />replacements of structural elements, mechanical <br />equipment and other common elements of the <br />Condominium which will normally require replacement <br />in more than three (3) years and less than thirty <br />~ (30) years. Payment into this account shall be <br />`" deemed a contribution to capital improvement as and <br />when made. Pursuant to provision of the Oregon <br />Condominium Act, the Declarant has established a <br />reserve account for replacement of such common <br />elements. <br />The Board of Directors shall prepare a schedule of <br />those common elements having a remaining useful <br />life of more than three (3) and less than thirty <br />(30) years, together with the current replacement <br />cost of such common elements. The amount of the <br />BYLAWS-OF COURTHOUSE SQUARE CONDOMINIUM <br />PAGE - 9 <br />