If the Condominium Corporation has an adequate reserve fund, the payment of a major repair or replacement cost of a new elevator may already be covered. The reserve fund is the unit owners’ savings for major repairs and replacement costs of the Common Elements of the Condominium Corporation which occurs as the building gets older. The contributions made to the reserve fund come from a portion of the monthly common expenses paid by the unit owners pursuant to a reserve fund study. If the reserve fund is inadequate, the Board is required to develop and implement a plan to increase it. Ultimately, if there is not enough money in the reserve fund to pay for the elevator, a special assessment may need to be levied against all of the unit owners.