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budget for each fiscal year (or summary thereof), and shall <br />distribute a copy of the budget to each Owner as required <br />by California Civil Code Section 5300. <br />D. The Association shall also prepare and distribute to <br />each Owner any and all disclosures, statements, reports <br />and/or policies required under the Davis -Stirling Common <br />Interest Development Act, Sections 4000 through 6150 of the <br />California Civil Code (hereinafter "the Davis -Stirling <br />Act"). The foregoing shall include, without limitation, the <br />reserve account study and review required every three (3) <br />years under California Civil Code Section 5550. <br />E. The Association shall pay all real and personal property <br />taxes and assessments, if any, levied against it, its <br />personal property and the Project Easement Area. <br />Board of Directors <br />Section 3.05. The affairs of the Association shall be managed <br />and its duties and obligations performed by a Board of <br />Directors, as provided in the Bylaws, which are hereby <br />incorporated by reference. <br />ARTICLE IV. ASSESSMENTS AND COLLECTION PROCEDURES <br />Covenant to Pay <br />Section 4.01 The Declarant covenants and agrees, for each Lot <br />owned by it in the Project, and each Owner by acceptance of the <br />deed to the Owner's Lot is deemed to covenant and agree to pay <br />to the Association the regular and special assessments levied <br />pursuant to the provisions of this Declaration. A regular or <br />special assessment and any late charges, reasonable costs of <br />collection, and interest, as assessed in accordance with the <br />provisions of this Article, shall be a debt of the Owner of the <br />Lot at the time the assessment or other sums are levied. <br />Purpose of Assessments <br />Section 4.02. The assessments levied by the Association shall be <br />used exclusively for the operation, replacement, improvement, <br />and maintenance of the Project Easement Area of the Property, <br />and to discharge any other obligations of the Association under <br />this Declaration. All assessment payments shall be put into a <br />maintenance fund to be used for the foregoing purposes. <br />Assessment Period <br />Section 4.03. The fiscal year for the Association shall be a <br />calendar year, unless the Board decides otherwise. The regular <br />assessment period shall commence on January 1 and terminate on <br />December 31 of each year. <br />8 <br />