Capital additions, alterations or improvements to the Common Elements and Association property (as distinguished from maintenance, repairs and replacements) costing in excess of $50,000.00 in the aggregate in any calendar year, shall be considered material and substantial in nature. The Association may proceed with such material additions, alterations or improvements only if the making of such additions, alterations or improvements shall have been approved by the Owners of a majority of the Units represented at a meeting at which a quorum is attained. Additions, alterations or improvements to the Common Elements, or any part thereof, costing $50,000.00 or less in the aggregate during a calendar year, are not material in nature, and, therefore, may be made by the Board of Directors without approval of the Unit Owners. The cost and expense of any such additions, alterations or improvements to such Common Elements shall be as a “Special Assessment” of the Unit Owners as provided in Section 13.2 hereof. For purposes of this Section 8, “aggregate in any calendar year” shall include the total debt incurred in that year, if such debt is incurred to perform the above‐stated purposes, regardless of whether the repayment of any part of that debt is made beyond that year.