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8. REPAIRS DUE TO FAULT OF OWNER. In the event that there is any maintenance or repair to the Property done by Association resulting from the willful or negligent act of any Owner, his or her family, guest or invitees, the cost of such maintenance or repair shall be promptly paid by such Owner. Article VII. ASSESSMENTS 20:1702574 1. ASSESSMENTS; GENERALLY. Every Owner of a Lot, or any part or subsequent re- subdivision thereof, as a Member of the Association shall pay to the Association an annual assessment and special assessments as may be levied by the Board of Directors of the Association from time to time in accordance with the previsions hereinbelow. The assessments levied by the Association shall be used exclusively to promote the health, safety, recreation and welfare of the Owners of the Lots. 2. ANNUAL ASSESSMENTS. The Board of Directors of the Association shall levy an annual assessment to pay for ordinary operating costs, regular maintenance, or other services provided by the Association, whether of a general nature or specifically taking to the Lake, and for all other necessary annual expenditures for the Association not deemed to be capital expenditures. (a) The amount of the annual assessment shall be determined by the Association's Board of Directors at an annual meeting with appropriate notice thereof sent to each Member of the Association in accordance with the Association's Bylaws. The amount of the annual assessment shall be based on an annual budget of the Association prepared and approved by the Board of Directors, which shall be provided to each Member along with the required notice of the aforesaid annual meeting. The annual budget shall contain (1) estimated revenue and expenses on an accrual basis; (2) the amount of any cash reserves of the Association currently available for services the Association provides and for contingencies; (3) an itemized estimate of the remaining life of, and the methods of funding to defray repair, replacement or additions to the improvements provided, maintained or installed by the Association; and (4) a general statement setting forth the procedures used by the Association in the calculation and establishment of reserves to defray the costs of repair, replacements or additions to the improvements provided, maintained or installed by the Association. (b) The annual assessment shall be uniform in amount as to all Lots. The annual assessment may be payable monthly, quarterly or annually as the Association's Board of Directors may determine. The Association shall send a billing of the annual assessment once levied to each of the Members setting forth the amount and due date(s) thereof Members shall pay the amount of the annual assessment to the Association on or before the due dates(s) set forth in the billing. 3. SPECIAL ASSESSMENTS. The Board of Directors of the Association may also levy special assessments to pay for any ordinary and necessary expenditures not covered by the annual assessment which are not deemed to be a capital improvement. Subject to the approval of the Members, the Board of Directors of the Association may further levy special assessments for the purpose of paying, in whole or in part, the cost of capital improvements, and in particular, the cost of any construction, reconstruction, or repair or replacement, or additions or appurtenances thereto, of park upkeep or repairs, sewer utilities and/or repairs, streets and easements of 13