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~ periodic payments to the reserve account <br />adjusted at regular intervals to recogniz <br />in remaining useful lives and replacemE <br />over time. Except as otherwise provide <br />Oregon Condominium Act, the reserve acco <br />be used only for replacement of common ele <br />shall be kept separate from accoL <br />maintenance; <br />shall be <br />= changes <br />~nt costs <br />d in the <br />znt shall <br />nents and <br />nts 'for <br />(c) In the discretion of the Board of Dir ctors, 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 e set up <br />by the Directors by special assessments of the unit <br />owners who benefit thereby as may be re uired by <br />the Declaration or otherwise determine by the <br />Association of Unit Owners to be app opriate, <br />including a reserve fund for any lease pa ents. <br />Each reserve account shall be kept in acc unt with <br />a safe and responsible depository, hall be <br />accounted for separately and, if invested, shall be <br />invested in a manner provided for invesi~ments of <br />local governments under applicabLe law. <br />Assessments paid into the reserve account are the <br />property of the Association and are not r~fundable <br />to sellers of units. Provided, however; nothing <br />herein shall prevent sellers of units from!,Itreating <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 eserves, <br />although it is understood that the value~of their <br />respective units may incresae in proportio to each <br />unit's right to receive repair, mainte ance 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 stimated <br />annual share of common expenses. The assessment shall t ereafter <br />be subject to review by the Board of Directors. xcept 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 conveye by the <br />Declarant, the Declarant may accrue the re lacement <br />reserve items, but not the insurance rese ve item. <br />At the time of conveyance of the unit for hich the <br />replacement reserve has been accrued, th accrued <br />BYLAWS OF COURTHOUSE SQUARE CONDOMINIUM <br />PAGE - 10 <br />