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200808925 2. Any vacancy among the principal officers shall be filled by appointment by the Board of Directors for the unexpired term of said office. C. Fees. Expenses and Wages: The officers shall serve without remuneration for their services but shall be reimbursed for expenses incurred by them, and the Board of Directors may from time to time fix wages or other compensation paid to any agent or employee. SECTION IV. INDEMNIFICA nON OF DIRECTORS AND Officers A. Each Director and officer of the Corporation shall be indemnified by the Corporation against all costs and expenses reasonably incurred by or imposed upon him in connection with or resulting from any action, suit or proceeding to which he may be made a part by reason of his having been a Director ofthe Corporation (including counsel fees), except in relation to matters as to which a recovery shall be had against him by reason of his having been finally adjudged in such action to have been derelict in the performance of his duty as a Director or officer. The foregoing qualifications shall not, however, prevent a settlement by the Corporation prior to final adjudication when settlement appears to be in the interests of the Corporation. The right of indemnification herein provided shall not be exclusive of any other rights to which any Director or officer may be entitled as a matter oflaw. SECTION V. DUES AND OTHER FINANCIAL MATTERS A. Fiscal Year: The fiscal year of the Corporation shall be initially determined by the Board of Directors and maintained for each next succeeding calendar year unless otherwise directed by the Board. B. Budget: Before each fiscal year, the Board of Directors shall adopt and fix an annual budget for the then anticipated fiscal affairs and general operations of the Corporation for such fiscal year. C. Assessments: Assessments shall be ascertained and collected as follows: Standard monthly assessments for each improved lot as defined in the Declaration of Covenants shall be a sum equal to the sum of 11lth ofthe 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 unimproved lots and any other sources of income, 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 1 sl of each month