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SECTION V. DUES AND OTHER FINANCIAL MATTERS C. Assessments. Assessments shall be ascertained and collected as follows: 201404666 A. Fiscal Year. The fiscal year of the corporation shall be the calendar year unless otherwise directed by the Board. B. Budget. Each fiscal year the Board of Directors shall adopt and fix an annual budget for the then anticipated fiscal affairs and general obligations of the corporation for such fiscal year. 1. Standard monthly assessments for each improved unit as defined in the Declaration of Covenants shall be a sum equal to one - twelfth (1/12) of the annual maintenance assessment established by the Board as being the assessment necessary to completely fund the budget established for the fiscal year, taking into consideration the maintenance assessments due from the all sources plus any other special assessments or charges for general capital improvements or extraordinary expenses of the corporation. The monthly assessments shall be made on or before the first of each month and shall become delinquent if not paid within twenty days thereafter, and constitute until paid a continuing charge against and lien upon such lot. D. Capital Improvement, Extraordinary, Expense, and Property Disposition. Capital improvement, extraordinary expense, and property disposition shall be regulated as follows: 1. General capital improvements and extraordinary general expenses of the corporation financed by dues, charges or assessments of more than Seventy -Five Thousand Dollars ($75,000.00) for any one fiscal year shall be undertaken only following recommendation of the Board of Directors without objection by persons or entities controlling more than one- fourth (1/4) of the entire number of membership votes of the association and approved by members controlling three- fourths (3/4) of the votes represented by the declarant member and resident members present in person or by proxy at any annual or special meeting. 2. Disposition by lease for more than five years, sale or otherwise of any interest in a unit owned by a member shall be undertaken only upon recommendations of the Board of Directors accepted by a majority vote represented by the declarant member and resident members present in person or by proxy at any annual or special meeting, or responsive to a vote thereon by mail. SECTION VI. NOTICES AND STATEMENTS A. Notice for Meeting of Members. Not less than ten (10) (or if notice is mailed by other than first - class or registered mail, thirty (30) days) nor more than sixty (60) days next preceding any annual or special meeting of the regular members and special meeting of one or both of the membership classes, each such member shall be given by mail sent to the address of each member as last recorded with the Secretary, a written notice of time, place and general purpose of each meeting. B. Statement of Assessments. Charges or Other Matters. Not less than 10 nor more than 20 days next preceding the day before action thereon by any member or membership class, each such member therewith concerned shall be given by mail sent to the address of such member last recorded with the