6.02 Reserves and Special Assessments. The Board shall build up and maintain a reasonable reserve for contingencies and replacements. Extraordinary expenditures not originally included in the annual estimate which may become necessary during the year, shall be charged first against such reserve. If the estimated cash requirement established by the Board proves inadequate for any reason, including non-payment of any Owner's assessment, the Board may, at any time, levy a further assessment which shall be assessed to the Owners according to each Owners' percentage of ownership in the Common Elements. The Board shall serve notice of such further assessment on all Owners by a statement in writing giving the amount and reasons therefor, and such further assessment shall become effective with the first monthly maintenance payment which is due more than ten (10) days after the delivery or mailing of such notice of further assessment. All owners shall be obligated to pay the adjusted monthly amount. At the time of the first sale of each Unit, the purchasing Unit Owner shall pay (in addition to the first monthly assessment) to the manacer or managing agent, or as otherwise directed to the Board, an amount equal to three times the first full monthly assessment for such Unit Owner determined according to the estimated budget applicable at the time of closing, which amount shall be used and applied as an operating reserve for common expenses in the manner herein provided.

6.03 Budget Determined by First Board. When the first Board elected by the Voting Members takes office, it shall determine the "estimated cash requirement," as hereinabove defined, for the period commencing thirty (30) days thereafter and ending on December 31 of the calendar year in which said Board takes office. Assessments shall be levied against the Owners during said period as hereinafter provided. Each Owner other than the Trustee shall be obligated to pay the monthly assessment attributed to his Unit Ownership for the period commencing on the date of the recordation of the deed conveying the Unit Ownership to such Owner and ending on the date of the recordation of a deed conveying the Unit Ownership to a subsequent Owner. The Trustee shall be obligated to pay the monthly assessment attributed to all Units owned by the Trustee from time to time for the period commencing on the date of the recordation of this Declaration and ending on the date of the recordation of a deed conveying the Unit Ownership of a Unit from the Trustee to a purchaser thereof. Anything in this Declaration to the contrary notwithstanding, it is specifically understood that the beneficiary of the Trustee, as the beneficial Owner of any completed unsold Units may at any time and from time to time hereafter in its sole and absolute discretion pay to the Association, in lieu of its required monthly assessments attributable to such unsold Units, a sum equal to the operating deficit, if any, of the Association on a month-to-month basis, so long as there are any unsold Units. Until the first meeting of Unit Owners is held and the actual monthly assessment is determined, the amount of the monthly assessment shall be determined by the Trustee. If the Trustee shall underestimate or overestimate such operating expenses in any month, appropriate adjustments may be made in the estimate for the succeeding month or months; provided, however, that the portion of any excess payment made by the Trustee as a result of any overestimate of such expenses shall be refunded to the Trustee or shall be otherwise credited to the Trustee in such manner as it may determine.

6.04 Failure to Prepare Annual Budget. The failure or delay of the Board to prepare or serve the annual or adjusted estimate on the Owner shall not constitute a waiver or release in any manner of such Owner's obligation to pay the maintenance costs and necessary reserves, as herein provided, whenever the same shall be determined, and, in the absence of any annual estimate or adjusted estimate, the Owner shall continue to pay the monthly maintenance assessment at the then existing monthly rate established for the previous period until payment of the monthly assessment which is due more than ten (10) days after such new annual or adjusted estimate shall have been mailed or delivered.

6.05 Books and Records. The Board shall keep full and correct books of account in chronological order of the receipts and expenditures affecting the Property, specifying and itemizing the maintenance and repair expenses of the Property and any other expenses incurred. Such records and the vouchers authorizing the payments shall be available for inspection by any Owner or any representative of Owner duly authorized in writing, at such reasonable time or times during normal business hours as may be requested by the Owner. Upon ten (10) days' notice to the Board and payment of a reasonable fee, any Owner shall be furnished a statement of his account, setting forth the amount of any unpaid assessments or other charges due to and owing from such Owner.

6.06 Status of Collected Funds. All funds collected hereunder shall be held and expended for the purposes designated herein, and (except for such special assessments as may be levied hereunder against less than all the Unit Owners and for such adjustments as may be required to reflect delinquent or prepaid assessments) shall be deemed to be held for the benefit, use and account of all the Unit Owners in the percentages set forth in Exhibit B.

6.07 Remedies for Failure to Pay Assessments. If an Owner is in default in the monthly payment of the aforesaid charges or assessments due to the Association, or in the payment of any other sums due the Association, for thirty (30) days, the Board may bring suit for and on behalf of itself and as representative of all Owners, to enforce collection thereof or to foreclose the lien therefor as hereinafter provided; and there shall be added to the amount due the costs of said suit, together with legal interest and reasonable attorneys' fees to be fixed by the court. To the extent not prohibited by any decision or any statute or law now or hereafter effective, the amount of any delinquent and unpaid charges or assessments, and interest, cost and fees as above provided, shall be and become a lien or charge against the Unit Ownership of the Owner involved when payable and may be foreclosed by an action brought in the name of the Board as in the case of foreclosure of liens against real estate. Unless otherwise provided in this Declaration, the members of the Board and their successors in office, acting on behalf of the other Unit Owners, shall have the power to bid in the interest so foreclosed at foreclosure sale, and to acquire and hold, lease, mortgage and convey the same. Said lien shall take effect, be in force and have the priorities when and as provided in the Act.

(a) Residential Purposes: No part of the Property shall be used for other than housing and related common purposes for which the Property was designed, except for the Parking Area. Each Unit or any two or more adjoining Units used together shall be used as a residence for a single family or such other uses permitted by this Declaration and for no other purpose. That part of the Common Elements separating any two or more adjoining Units used together as aforesaid may be altered to afford ingress and egress to and from such adjoining Units in such manner and upon such conditions as shall be determined by the Board in writing.
(b) Obstruction of Common Elements: There shall be no obstruction of the Common Elements, nor shall anything be stored in the Common Elements without the prior written consent of the Board, except as herein expressly provided. Each Owner shall be obligated to maintain and keep in good order and repair his own Unit.
(c) Hazardous Uses and Waste: Nothing shall be done or kept in any Unit or in the Common Elements which will increase the rate of insurance on the Building, or contents thereof, applicable for residential use, without the prior written consent of the Board. No Owner shall permit anything to be done or kept in his Unit or in the Common Elements which will result in the cancellation of insurance on the Building, or contents thereof, or which would be in violation of any law. No waste shall be committed in the Common Elements.
(d) Exterior Exposure of Building: Owners shall not cause or permit anything to be hung or displayed on the outside of windows or placed on the outside walls of the Building, and no sign, awning, canopy, shutter, radio or television antenna shall be affixed to or placed upon the exterior walls or roof or any part thereof, without prior written consent of the Board.
(e) Pets: No animals, rabbits, livestock, fowl or poultry of any kind shall be raised, bred or kept in any Unit or in the Common Elements, except that dogs, cats, or other household pets may be kept in Units, subject to rules and regulations adopted by the Board, provided that they are not kept, bred, or maintained for any commercial purpose; and provided further that any such pet causing or creating, in the opinion of the Board, a nuisance or unreasonable disturbance shall be permanently removed from the Property upon three (3) days' written notice from the Board.
(f) Nuisances: No noxious or offensive activity shall be carried on in any Unit or in the Common Elements, nor shall anything be done therein, either willfully or negligently, which may be or become an annoyance or nuisance to the other Owners or occupants.
(g) Impairment of Structural Integrity of Building: Nothing shall be done in any Unit or in, on or to the Common Elements which will impair the structural integrity of the Building or which would structurally change the Building except as is otherwise provided herein. No Unit Owner shall overload the electric wiring in the Building, or operate any machines, appliances, accessories or equipment in such manner as to cause, in the judgment of the Board, an unreasonable disturbance to others.
(h) Laundry or Rubbish: No clothes, sheets, blankets, laundry of any kind or other articles shall be hung out or exposed on any part of the Common Elements. The Common Elements shall be kept free and clear of rubbish, debris and other unsightly materials.
(i) Lounging or Storage in Common Elements: Except to the extent that specific areas are designated therefor by the Board, there shall be no playing, lounging, parking of baby carriages or playpens, bicycles, wagons, toys, vehicles, benches or chairs on any part of the Common Elements, except that baby carriages, bicycles and other personal property may be stored in a common Storage Area designated for the purpose, and balcony and parking areas may be used for their intended purposes.
(j) Prohibited Activities and Signs: No industry, business, trade, occupation or profession of any kind, commercial, religious, educational or otherwise, designed for profit, altruism or otherwise, shall be conducted, maintained or permitted on any part of the Property, nor except with the consent of the Board, shall any "For Sale" or "For Rent" signs or other window displays or advertising be maintained or permitted by any Owner on any part of the Property or in any Unit therein. The right is reserved by the Trustee, its beneficiary or its agent, to place "For Sale" or "For Rent" signs on any unsold or unoccupied Units and to place such other signs on the Property as may be required to facilitate the sale or lease of unsold Units. The right is hereby given to any mortgagee, who may become the Owner of any Unit, to place "For Sale" or "For Rent" signs on any Unit owned by such mortgagee and to the Board or its representatives to place "For Sale" or "For Rent" signs on any Unit or on the Property, for the purpose of facilitating the disposal of Units by any Owner, mortgagee or the Board.
(k) Alterations of Common Elements: No portion of the Common Elements shall be altered, and nothing shall be constructed in or removed from the Common Elements, except upon the prior written consent of the Board. In no event shall sound equipment (including but not limited to hi-fidelity speakers) extend into the Common Elements.
(1) Display of Model Units by Trustee's Beneficiary: During the period in which sales of Units by the beneficiary of the Trustee are in process, the Trustee, its beneficiary or beneficiaries (hereinafter collectively "beneficiary") and its contractors and sub-contractors, and their respective agents and employees, shall be entitled to access, ingress and egress to said Building and Property as may be required in connection with said sales. The Trustee's beneficiary may occupy or grant permission to any person or entity to occupy, with or without rental, as determined by the Trustee or said beneficiary, one or more Units for business or promotional purposes, including clerical activities, sales offices, model Units for display and the like and to utilize all roadways and the Parking Areas for ingress, egress and transient parking in connection with the development and sale or leasing of Units.
(m) Certain Personal Professional Activities Permitted: The Unit restrictions in Paragraphs (a) and (j) of this Article VII shall not, however, be construed in such a manner as to prohibit an Owner from: (a) maintaining his personal professional library therein; (b) keeping his personal, business or professional records or accounts therein; or (c) handling his personal, business or professional telephone calls or correspondence therefrom. Such uses are expressly declared customarily incident to the principal residential use and not in violation of Paragraphs (a) or (j) of this Article VII.