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6,5.1 Neighborhood Assessments may be levied at any time by the Master Board; however, to the extent that the Neighborhood Assessments can be budgeted prior to the start of the Master Association fiscal year, they shall be levied at the same time as the General Assessments, Neighborhood Assessments shall provide, among other things, for an adequate reserve fund for the maintenance, repair and replacement of those parts (if any) of the Dwellings, Nonresidential Buildings and other Improvements which the Master Association is obligated to maintain, repair or replace. 6.6 Assessment Procedures. The Master Board shall annually approve the overall Master Association budget for the entire Property, including sub -budgets for assessments allocated against only certain Neighborhoods or Parcels, and levy the assessment, or applicable portion thereof, against the Neighborhoods or Parcels. Owners shall pay the share of the assessment allocated to their Parcels directly to the Master Association. A Neighborhood Assessment shall be automatically allocated among the Parcels in the Neighborhood based upon the allocation provided for in the Neighborhood Governing Documents, without action by the Board of Directors of the Neighborhood. Assessments shall be payable in advance; monthly, quarterly or annually, as determined by the Master Board. 6.7 Liability for Assessments. The Owner of the Parcel at the time an Assessment is payable shall be liable for the share of the common expenses assessed against the Parcel. As Additional Real Estate or other property is subjected to this Master Declaration, the annexed portion of the Additional Real Estate or other property shall become subject to Assessments upon the recording of the amendment to the Master Declaration annexing the Additional Real Estate or other property. The liability shall be joint and several where there are multiple Owners of a Parcel. The liability is absolute and unconditional. No person is exempt from liability for payment of Assessments by right of setoff, by waiver of use or enjoyment of any part of the Property: by absence from or abandonment of the Parcel, by the waiver of any other rights, or by reason of any claim against the Master Association or its officers, directors or agents, for their failure to fulfill any duties under the Master Governing Documents or MCIOA, 6.8 Assessment Lien, The Master Association shall have a lien on each Parcel for any assessment (or pro-rata share thereof) levied against the Parcel from the time the assessment becomes due. If an assessment is payable in installments, the full amount of the assessment is a lien from the time the first installment becomes due. Fees, charges, late charges, fines and interest charges imposed by the Master Association pursuant to Section 51513.3-102(a)(10), (11) and (12) ofMCIOA are liens, and are enforceable as assessments under this Section. Recording of the Master Declaration constitutes record notice and perfection of any lien under this Section, and no further recordation of any notice of the lien is required. .6.9 Foreclosure of Lien: Remedies. A lien for Common Expenses may be foreclosed against a Parcel (i) by action, or (ii) by advertisement, as provided by Section 15 /211)07574 820716 8115105