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202506836 9. All such dues and assessments shall further be subject to the following provisions: (a) The Association at its annual meeting of Owners shall prepare, approve and make available to each Owner a budget containing: (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) In addition to any amounts due or any other relief or remedy obtained against an Owner who is delinquent in the payment of any dues or assessments, each Owner agrees to pay such additional costs, fees, charges and expenditures ("Additional Charges") as the Association may incur or levy in the process of collecting each Owner's monies due and delinquent. All Additional Charges shall be included in any judgment in any action brought to enforce collection of delinquent dues or assessments. Additional Charges shall include, but not be limited to, the following: (i) Reasonable attorney's fees and costs incurred in the event an attorney is employed to collect any dues, assessment or sum due, whether by suit or otherwise; (ii) A late charge in an amount to be fixed by the Association to compensate the Association for additional collection costs incurred in the event any dues, assessment or other sum is not paid when due or within any "grace" period. The late charge shall not exceed ten percent (10%) of the delinquent assessment or twenty dollars ($20), whichever is greater; (iii) Costs of suit and court costs incurred as allowed by the court; (iv) Costs of filing notice of lien in the Office of the Register of Deeds; (v) Interest on all dues and assessments at the rate of fourteen percent (14%) per annum, commencing thirty (30) days after the dues or assessments become due; and (vi) Any other costs that the Association may incur in the process of collecting delinquent dues and assessments. (c) The dues and assessments shall be the personal obligation of the Owner who is the owner of the lot assessed at the time of the assessment and when shown of record shall be a lien upon the Lot assessed. (d) The Association may create a schedule of fines for violation of Association rules and regulations which fines shall be treated and billed as a special assessment to the offending Owner's Lot. 10. The lien of any dues or special assessment shall, until shown of record, be subordinate to the lien of any mortgage, deed of trust or other encumbrance placed upon the Lot against which the assessment is levied. VII. TERM AND AMENDMENT OF RESTRICTIONS AND COVENANTS These restrictive covenants, restrictions and conditions are to run with the land and shall be binding on all persons and all parties claiming ownership of any of the Lots, together with any portion or subsequent resubdivision of the Lots. These restrictive covenants, restrictions and conditions may be amended in a writing signed by the Declarant at any time during the Period of Declarant Control, and thereafter in a writing signed by two-thirds (2/3) of the Owners of the Lots at any time and recorded in the office of the Hall County Register of Deeds. Page 7 of 8