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periodic payments to the reserve account shall be <br />adjusted at regular intervals to recognize changes <br />in remaining useful lives and replacement costs <br />over time. Except as otherwise provided in the <br />Oregon Condominium Act, the reserve account shall <br />be used only for replacement of common elements and <br />shall be kept separate from accounts for <br />maintenance; <br />(c) In the discretion of the Board of Directors, a <br />general operating reserve account by allocation and <br />payment thereto monthly of an amount determined by <br />the Board of Directors; and <br />(d) Such other special reserve funds as may be set up <br />by the Directors by special assessments of the unit <br />owners who benefit thereby as may be required by <br />the Declaration or otherwise determined by the <br />Association of Unit Owners to be appropriate, <br />including a reserve fund for any lease payments. <br />Each reserve account shall be kept in account with <br />a safe and responsible depository, shall be <br />accounted for separately and, if invested, shall be <br />invested in a manner provided for investments of <br />local governments under applicable law. <br />Assessments paid into the reserve accounts are the <br />property of the Association and are not refundable <br />to sellers of units. Provided, however, nothing <br />herein shall prevent sellers of units from treating <br />their outstanding allocable share of reserve <br />accounts as a separate or reimbursable item in a <br />sales agreement. No unit owner shall have any <br />individual rights in any of these reserves, <br />although it is understood that the value of their <br />respective units may incresae in proportion to each <br />unit's right to receive repair, maintenance and <br />replacement therefrom. <br />~ 2. INITIAL ASSESSMENT. The initial assessment to unit <br />owners shall be not more than 1/6 of the unit owner's estimated <br />annual share of common expenses. The assessment shall thereafter <br />be subject to review by the Board of Directors. Except as <br />otherwise provided below, the assessment for all units shall be <br />payable from the date the Declaration is recorded. <br />(a) In respect to units not yet conveyed by the <br />Declarant, the Declarant may accrue the replacement <br />reserve items, but not the insurance reserve item. <br />At the time of conveyance of the unit for which the <br />replacement reserve has been accrued, the accrued <br />BYLAWS OF COURTHOUSE SQUARE CONDOMINIUM <br />PAGE - 10 <br />