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200503812 The Board of Directors shall control, by majority vote, the management and operation of the Association, including Annual Assessments. 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. At such time that Class A membership shares exceed Class B shares, the Board of Directors may levy an Annual Assessment pursuant to the approval of a majority of the membership of the Association present or voting by proxy at an annual meeting called for such purpose. 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 Annual 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 part, the costs of any construction, repair, replacement, and normal maintenance of capital improvements upon the common areas, roadways, 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, except if two lots are combined to form one larger lot, the assessment for this newly formed lot shall be one and one -half (1 1/2) times the assessed amount for a single lot. This newly formed larger lot shall have one (1) class A voting membership. F. The assessments levied by the Association shall be used exclusively to promote the recreation, health, safety, and welfare of the residents, to maintain common green areas, streets, and to enforce the covenants to preserve the appearance of the development for the benefit of all the residents of the community. The assessments levied by the Association shall be used for, but not limited to, accounting, legal fees, insurance for common areas, landscape maintenance of common areas, street and road maintenance including snow removal, costs for street lights and utility charges. The assessments levied may also be used for capital improvements, such as but not limited to, roadway surfacing. G. Notice, quorum, and voting requirements of any meeting called for the purpose of taking any action authorized under sub - paragraphs (2), (3), or (4) shall be governed by the Articles of Incorporation and By -laws of the Hoffman Homeowners Association. Page 11.