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88- 105085 Section 3. Regular Assessments. Before each fiscal year the Board of Directors of the Association shall adopt and fix in reasonably itemized detail an annual budget of the Working Fund for the then anticipated fiscal affairs and general operations of the Association for that year, and shall levy and collect monthly assessments from each lot on the properties which, considering the revenue derived from assessments on unimproved lots and other sources of income, if any, shall be sufficient to fund the budget for said fiscal year; provided, however, that no annual budget shall exceed 110% of the budget for the prior year unless such budget has been submitted to a regular or special meeting of the members of the Association and approved by the vote of a majority of each class of members entitled to vote as specified in Section 2 of Article III hereof. The regu- lar assessment with respect to all improved lots shall be established by the Board of Directors. In establishing a formula for determination of the amount of the maintenance assessment for each lot, the Board of Directors may take into account the size and quality of improvements on said lot in relation to the size and quality of improvement on the other lots; provided, however, that the assessment must be uniform as to all lots of substantially comparable size and quality. In recognition of the fact that a substantial portion of the budget for the Working Fund for maintenance will be attributable to upkeep, maintenance, and security upon improved lots as opposed to unimproved lots, the regular assessment for each unimproved lot shall be $90 per year until the first fiscal year beginning after September 1, 1991, and for such fiscal year and each fiscal year thereafter, the regular assessment on unimproved lots may be increased in the same percentage as the increase in annual budget over the prior year. The budget and assessments shall be approved and ratified by the Directors at the annual meeting prior to any other business to be undertaken at said annual meeting, Section 4. Assessments for Insurance. In addition to the regular maintenance assessments, the Association shall levy an assessment on each improved lot for the portion of insurance premium due with respect to said lot as hereinafter provided in Article VIII hereof, which assessment shall be paid each month along with the regular assessment with respect to said lot. Section 5. Special Assessments for Capital Improvements and Extraordinary Expenses. In addition to the annual assessments authorized in Sections 3 and 4 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 in part, the cost of any construction, reconstruction, repair or replace- ment of a capital improvement upon the common area, including whole or in part any extraordinary general expenses of the Association, provided that any such assessment shall have the assent of three-fourths (3/4) of the vote of each class of members who are voting in person or by proxy at a meeting called for this purpose. One-twelfth (1/12) of said assessments shall be due and payable one month from the date of levy with a like sum due and payable each and every month thereafter, along with the regular assessments with respect to said lot until said assessment shall be paid in full. Section 6. Date of Commencement of Assessments: Due Dates. The regular assessments provided for herein shall commence as to all unimproved lots on the first day of the month following the conveyance of the common area. The regular assessments provided herein as to all improved lots shall com- mence the first day of the month following the month during which the construction of a dwelling on said lot shall become at least 90% completed according to the plans and specifications for construction of said dwelling, and the regular assessment amount for improved lots shall thereupon be payable monthly, -4-