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200009311 <br />fiscal affairs and general operations of the Corporation for such <br />fiscal year. <br />C. Assessments. Assessments shall be ascertained and <br />collected as follows: Standard monthly assessments for each <br />improved lot as defined in the Declaration of Covenants shall be a <br />sum equal to the sum of 1 /12th of the annual maintenance assessment <br />established by the Board as being the assessment necessary to <br />completely fund the budget established for the fiscal year, taking <br />into consideration the maintenance assessments due from unimproved <br />lots and any other sources of income, plus any other special <br />assessments or charges for general capital improvements or <br />extraordinary expenses of the Corporation. The monthly assessments <br />shall be made on or before the 1st of each month and shall become <br />delinquent if not paid within 30 days thereafter, and constitute <br />until paid a continuing charge against and lien upon such lot. <br />D. Capital Improvement, Extraordinary Expense, and Property <br />Disposition. Capital improvement, extraordinary expense, and <br />property disposition shall be limited as follows: <br />1. General capital improvements and extraordinary general <br />expenses of the Corporation financed by dues, charges or <br />assessments of more than $25,000.00 for any one fiscal year shall <br />be undertaken only when no one person or entity holds more than <br />1 /4th of the entire number of membership of the Association and <br />upon recommendation of the Board of Directors accepted by a 3 /4th <br />vote of the entire number of membership of regular Members present <br />in person or by proxy at any annual or special meeting. <br />2. Disposition by lease for more than five (5) years, <br />sale or otherwise of any interest in real property owned by the <br />Corporation shall be undertaken only upon recommendation of the <br />Board of Directors accepted by a majority vote of the entire number <br />of membership of regular Members present in person or by proxy at <br />any annual or special meeting, or responsive to a vote thereon by <br />mail. <br />SECTION VI. <br />RECORDS <br />A. Books, Records and Reports. The books and records of the <br />Corporation shall be maintained at its registered office or at such <br />place as may be directed by the Board of Directors. <br />SECTION VII. <br />NOTICES AND STATEMENTS <br />A. Notice for Meeting of Members. Not less than 20 nor more <br />than 30 days next preceding any annual or special meeting of the <br />-7- <br />