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amount). Until Maintaining Owner provides the annual budget, each Owner shall pay the monthly amount for the preceding calendar year and upon receipt of the annual budget and the new monthly amount, each Owner shall pay any shortfall between the amounts owed based on the new budget and the amounts paid based on the previous year’s budget and in the event of any overpayments due to the difference between such budgets such overpayment shall be credited to each such Owner to reduce the next due monthly amount payable by each such Owner. Any Owner may object to the reasonableness of the budget presented by Maintaining Owner, provided that any objections must (a) be in writing, (b) be presented to the Maintaining Owner within sixty (60) days of Maintaining Owner’s delivery of the budget, and (c) specify the items objected to and the basis for such objection. Failure to timely present such objections or otherwise comply with the foregoing requirements shall constitute waiver of the right to object to any item not properly objected to. Upon receipt of any timely and proper objections, Maintaining Owner shall consult with the Owners in good faith to resolve such objections. If such objections cannot be resolved by agreement, such objections shall be presented to an unaffiliated third party property manager with at least five (5) years’ experience of managing properties similar to the Lots in the Minneapolis/St. Paul greater metropolitan area and chosen by a majority of the Owners for final and binding resolution of such objections. In the event that any Owner’s (except for the Maintaining Owner’s) share of Common Expenses is more than sixty (60) days delinquent, the Maintaining Owner may add such delinquent amount to the collective Common Expenses installment from all of the other Owners for the following month, provided that, when such delinquency is collected, such amount shall be applied to the reduce the next succeeding monthly amount owed by the non-delinquent Owners. (iii) Reconciliation and Audit. Within sixty (60) days after the end of each calendar year, the Maintaining Owner shall provide each Owner with a written reconciliation of the Common Expenses actually incurred for such calendar year as compared to the amounts previously budgeted and a detailed general ledger of all such expenditures for Common Expenses in electronic form. To the extent that the Common Expenses paid by the Owners during the subject calendar year based on the budget for such year are less than the Common Expenses actually incurred, each Owner shall pay to the Maintaining Owner its percentage share of such shortfall upon receipt of the reconciliation. To the extent that the Common Expenses paid by the Owners during the subject calendar year are greater than the Common Expenses actually incurred, each Owner’s percentage share of such excess shall be credited to such Owner to reduce the next due monthly amount(s) payable by each such Owner. The Maintaining Owner shall keep complete records of all costs to be paid by each Owner under Section 5.B for at least twenty-four months (24) months following a calendar year. From time to time, as any Owner may reasonably request, Maintaining Owner will provide the Owners with a detailed general ledger of year-to-date expenditures for Common Expenses in electronic form. The Maintaining Owner ‘s records shall be open to inspection and audit by the Owners, at their own expense, for a period of not more than twenty-four months (24) months following a calendar year. Each Owner shall have the right to inspect such records upon fifteen (15) days’ notice to the Maintaining Owner. Any objection to the determination of the amount of costs and the allocation thereof shall be raised within twenty-four months (24) months following the end of the applicable calendar year, or such objection shall be deemed to have been waived. If such audit shows that the Maintaining Owner’s annual reconciliation is incorrect and that the Owners have been overcharged by more than ten percent (10%) of the actual Common Expenses for two (2) calendar years in a row, the Maintaining Owner shall pay the costs of such audit; otherwise 43