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200106596 management and operation of the Association. The Board, in its sole and absolute discretion, may fix the amount of the Annual Assessment as follows: a. As long as Class B membership shares exist, the Board of Directors may levy an Annual Assessment. b. From and after January 1 of the year immediately following the point at which all Class B membership shares shall cease to exist, the maximum Annual Assessment may be increased each year in an amount not to exceed ten percent (10 %) above the maximum assessment for the previous year. C. From and after January 1 of the year immediately following the point at which all Class B membership shares shall cease to exist, the maximum Annual Assessment may be increased above ten percent (10 %) only by a vote of two - thirds (2/3) of the Members who are voting in person or by proxy at a meeting duly called for this purpose. d. In addition to the Annual Assessment authorized above, the Association may levy, in any Assessment year, a special assessment applicable to that year only for the purpose of defraying, in whole or in part, the costs of any construction, repair, replacement and normal maintenance of capital improvements upon the Common Areas, boat slips, including fixtures and personal property related thereto. Any Assessment shall have the assent of two - thirds (2/3) of the votes of each class of Members who are voting in person or by proxy at a meeting duly called for this purpose. e. Both annual and special Assessments must be fixed uniformly for all Lot Owners and estate block owners, except if two lots or estate blocks are combined to form one larger lot or estate block, 'the Assessment for this newly formed lot or estate block shall be one and one -half (11,I�) times the assessed amount for a single lot or estate block. This newly formed larger lot or estate block shall have one (1) Class A voting membership. 15