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200100366 (b) Maximum Regular Monthly Assessment. Until the next Annual Meeting of the Members of the Association, the maximum monthly assessment shall be One hundred Fifteen Dollars ($115.00) for each Improved Lot and Five Dollars ($5.00) for each Unimproved Lot. After the annual meeting, the monthly assessment may be increased as set forth in subparagraph (a) above. Section 5. Notice of Quorum for Any Action Authorized Under Article IV. Written notice of any meeting called for the purpose of taking any action authorized under Article IV, Section 4 shall be delivered either personally or by mail to all members not less than 10 days nor more than 50 days in advance of the meeting. At the first such meeting called, the presence of members or of proxies entitled to cast fifty one percent (51%) of all the votes of the membership shall constitute a quorum. If the required quorum is not present, another meeting may be called subject to the same notice requirement, and the required quorum at the subsequent meeting shall be one -half (1/2) of the required quorum at the preceding meeting. No such subsequent meeting shall be held more than 60 days following the preceding meeting. Section 6. Date of Commencement of Monthly Assessments: Due Dates. The regular annual assessments provided herein as to all Improved Lots shall commence the first day of the month following the month during which the construction of a dwelling on said lot shall be completed and a Certificate of Occupancy, if required, is issued by the appropriate governmental authorities. Prior to such date, each Lot shall be deemed an Unimproved Lot. All Lots owned by the Declarant shall be Unimproved Lots until the first day of the month following the date residence is constructed thereon and the Lot sold to a third party. The Board of Directors shall fix the amount of the monthly assessment against each lot at its Annual Meeting following the annual meeting of the Members of the Association. Written notice of the annual assessment shall be sent to every Owner subject thereto. The Association shall, upon demand, and for a reasonable charge, furnish a certification signed by an officer of the Association setting forth whether the assessments on a specified Lot have been paid. Section 7. Effect of Nonpayment of Assessments — Remedies of the Association. Any assessment installment which is not paid when due shall be delinquent. If the assessment installment is not paid within thirty (30) days after the due date, the assessment shall bear interest from the due date at the rate of fourteen percent (14 %) per annum. The Association may bring an action at law against the Owner personally obligated to pay the same, or foreclose the lien against the property in accordance with law. In either a personal or foreclosure action, the Association shall be entitled to recover as a part of the action, the interest, costs and reasonable attorney's fees with respect to the action. No Owners may waive or otherwise escape liability for the assessments provided for herein by non -use of, lease, or abandonment of his Lot. The mortgagee of the subject property shall have the right to cure any delinquency of an Owner by payment of all sums due, together with interest, costs and fees. The Association shall assign to such mortgagee all of its rights with respect to such lien and right of foreclosure to the mortgagee.