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201807442 Designated Builders on a pro rata basis according to the number of Lots owned by each as of the date the payment is requested by the Board. The Board may require the payment of such funds from time to time as the Board deems necessary by giving written notice thereof to the Declarant and the Designated Builders. Each such notice shall state the total amount of funds required and the calculation of the pro rata share to be paid by the Declarant and each Designated Builder. In no event shall the Declarant or a Designated Builder be obligated to contribute funds to the Association in excess of the amount that would have been assessed against the Declarant or Designated Builder had the Lots owned by the Declarant or Designated Builder been Assessable Lots. 8.8 Rules Regarding Billing and Collection Procedures. Regular Assessments shall be collected on a semi-annual basis or such other basis as may be selected by the Board. Special Assessments may be collected as specified by the Board. The Board shall have the right to adopt rules and regulations setting forth procedures for the purpose of making Assessments and for the billing and collection of the Assessments; provided that such procedures are not inconsistent with the provisions of this Declaration. The failure of the Association to send a bill to any Owner shall not relieve such Owner of liability for any Assessment or charge under this Declaration, but the Assessment Lien therefor shall not be foreclosed until the Owner has been given written notice, at least thirty (30) days prior to such foreclosure, that the Assessment or any installment thereof is or will be due and of the amount owing. Such notice may be given at any time prior to or after delinquency of such payment. The Association shall be under no duty to refund any payments received even though the ownership of a Lot changes during an Assessment Period; however, successor Owners of Lots shall be given credit for prepayments, on a prorated basis, made by prior Owners. 8.9 Creation of Assessment Lien; Effect of Nonpayment of Assessments; Remedies of the Association. Any Assessment or installment thereof not paid within fifteen (15) days after the Assessment or installment first becomes due shall bear interest from the due date at the rate of interest set from time to time by the Board. In addition, the Board may establish a late fee to be charged to any Owner who has not paid any Assessment or installment thereof within fifteen (15) days after such payment was due. The Association shall have a lien on each Lot for all Assessments levied against the Lot, all Collection Costs incurred as against the Lot, and any amounts payable to the Association pursuant to the Community Documents ("Assessment Lien"). The Recording of this Declaration constitutes record notice and perfection of the Assessment Lien. The Association may, at its option, Record a Notice of Assessment Lien setting forth the name of the delinquent Owner, the legal description or street address of the Lot against which the Notice of Assessment Lien is Recorded, and the amount claimed to be past due as of the date of the Recording of the Notice, including Collection Costs. Before Recording any Notice of Assessment Lien against a Lot, the Association shall make a written demand to the defaulting Owner for payment of the delinquent Assessments, together with Collection Costs, if any, and all other amounts secured by the Assessment Lien. In the event that any of the amounts specified in Page 47 of 67