A first mortgage that holder shall be entitled to

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a first mortgage, that holder shall be entitled to written notice of any such meeting and shall be pennitted to designate a representative to attend and observe the meeting. 20
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UBER I, 8 6 4 fOLIO 0 5 i7. 0 . Section 8. Reserves and Contributiou. The Board of Directors shall build up and maintain reasonable reserves for working capital, operations, contingencies and replacements, all of which are common expenses. As PaJt of the annual budget, the Board shall include a reserve component which shall take into account the number and nature of items of major maintenance and the expected life of each asset or item of major maintenance, and the expected repair, replacement or major maintenance cost. The Board shall endeavor to set the required annual reserve contribution, if any, in an amount sufficient to pelmit meeting the projected reserve needs of the Council, as shown on the reserve budget. The Board shall attempt to establish annual contributions to the reserve fund in equal instalhnents over the period of the projected life of the capital asset(s) for which the reserve is established. Extraordinary expenditures not originally included in the mmual budget which may become necessary during the year may be charged first against such reserves. Such fund shall be deposited in a special account with an institution, the accounts of which are insured by an agency of the United States of America, or may, in the discretion of the Board of Directors, be invested in obligations of, or fully guaranteed as t(,) principal by, the United States of America. Nonetheless, upon an lmaJumous vote of the Board of Directors, the Board may opt to invest not more than fifteen percent (15%) in other investments whether or not federally insured. Section 9. Lien for Assessments. The Council shall have full and complete lien rights as provided or pennitted by the law and the Act as it is amended. The statement of Condominium lien shall be signed and verified by the Treasurer of the Council, or any other officer or agent (including legal counsel) of the Council designated by resolution of the Board of Directors. Article VI Fiscal Management Section 1. Fiscal Year. The fiscal year of the Council shall be the calendar year unless otherwise detelmined by the Board of Directors. Section 2. Books and Records. Books and accounts of the Council shall be kept under the direction of the Treasurer in accordance with good accounting practices. The same shall include books with detailed accounts, in chronological order, of receipts and of expenditures· affecting the Condominium and its administration and shall specify the maintenance and repair expense of the general and limited common elements and services and any other expenses incuned. That aJnount of any assessment required for payment on capital expenditures of the Council shall be credited upon the books of the Council to the "Paid-in-Surplus" account as a capital contribution by the members.
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