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200512063 quorum at the preceding meeting. be held more than Thirty (30) meeting. No such subsequent meeting shall days following the preceding Section 6. Date of Commencement of Monthly Assessments; Due Dated. The regular annual assessments pr'ovided herein as to all Improved Lots shall commence the first day of the month following the month during which the construction of a dwelling on said Lot shall be completed and a Certificate of Occupancy, if required, is issued by the appropriate governmental authorities. Prior to such date, each Lot shall be deemed an Unimproved Lot. All Lots owned by the Declarant shall be Unimproved Lots until the first day of the month following the date residence is constructed thereon or the Lot sold to a third party. The Board of Directors shall fix the amount of the monthly assessment against each Lot at its annual meeting following the annual meeting of the Members of the Association . Written notice of the annual assessment shall be sent to every Owner subject thereto. The Association shall, upon demand, and for a reasonable charge, furnish a certification signed by an officer of the Association setting forth whether the assessments on a specified Lot have been paid. Section 7. Effect of NonpaYment of Assessments - Remedies of the Association. Any assessment installment which is not paid when due shall be delinquent. If the assessment installment is not paid within Thirty (30) days after the due date, the assessment shall bear interest from the due date at the rate of Fourteen Percent (14%) per annum. The Association may bring an action at law against the Owner personally obligated to pay the same, or foreclose the lien against the property in accordance with law. In either a personal or foreclosure action, the Association shall be entitled to recover as a part of the action, the interest, costs and reasonable attorney's fees with respect to the action. No Owners may waive or otherwise escape liability for the assessments provided for herein by non-use of, lease, or abandonment of his Lot. The mortgagee of the subj ect property shall have the right to cure any delinquency of an Owner by payment of all sums due, together with interest, costs and fees. The Association shall assign to such mortgagee all of its rights with respect to such lien and right of foreclosure to the mortgagee. Section 8. Subordination of the Lien to the Mortgages. The lien of the assessments provided for herein shall be subordinate to the lien of any first mortgage. Section 9. Exempt Property. None of the property subject to this Declaration shall be exempt from the assessments created herein. -5-