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200801692 ..- 1. Principal Officer may be removed from office at any time by majority vote of the Board of Directors, either for or without cause. 2. Any vacancy among the principal officers shall be filled by appointment by the Board of Directors for the unexpired term. SECTION IV. INDEMNIFICATION OF DIRECTORS AND OFFICERS Each Director and officer of the corporation shall be indemnified by the corporation against all costs and expenses reasonably incurred or by or imposed upon him in connection with or resulting from any action, suit or proceeding to which such Director or officer may be a party by reason of their office. SECTION V. DUES AND OTHER FINANCIAL MATTERS A Fiscal Year. The fiscal year of the corporation shall be the calendar year unless otherwise directed by the Board. B.Budget. Each fiscal year the Board of Directors shall adopt and fix an annual budget for the then anticipated fiscal affairs and general obligations of the corporation for such fiscal year. C.Assessments. Assessments shall be ascertained and collected as follows: 1. Standard monthly assessments for each improved unit as defined in the Declaration of Covenants shall be a sum equal to one-twelfth (1112) of the annual maintenance assessment established by the Board as being the assessment necessary to completely fund the budget established for the fiscal year, taking into consideration the maintenance assessments due from the all sources plus any other special assessments or charges for general capital improvements or extraordinary expenses of the corporation. The monthly assessments shall be made on or before the first of each month and shall become delinquent if not paid within twenty days thereafter, and constitute until paid a continuing charge against and lien upon such lot. D.Capital Improvement. Extraordinary, Expense, and Property Disposition. Capital improvement, extraordinary expense, and property disposition shall be regulated as follows: 1. General capital improvements and extraordinary general expenses ofthe corporation financed by dues, charges or assessments of more than Seventy-Five Thousand Dollars ($75,000.00) for anyone fiscal year shall be undertaken only when no one person or entity holds more than one-forth (114) ofthe entire number of membership of the association and upon recommendations of the Board of Directors accepted three-forth(3/4) vote of the entire number of members of regular members present in person or by proxy at any annual or special meeting. 2. Disposition by lease for more than five years, sale or otherwise of any interest in real property owned by the corporation shall be undertaken only upon recommendations of the Board of Directors accepted by a majority vote of the entire number of membership of