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E2-6)~~~~30 aecCon ~: Regular Assessment... Before the.Bbard- or Directors fixes t:l*e arrrual assessment as provided in section 3 above,' the}~ shall adopt and fix an annual budget for the then anticipated `financial needs for the general ooeratian of the AsSOC anon for the next year.. fihe regular assessrent with respec.r.. to all Irtproveu~ Lots shall' be established by the Board of Directors ta4cing into account the budget for the next year and the ar-aount attributable 1~o Unimproved Latsfor maintenance and upkeep during such perioa, plus their share of the Gammon i5rea maintenance.. Section S. Special Assessments far capital morcvements. In addition to the annual assessments as*..htrrized above, the Association nay levy, fir, any..assess- ment year, a sped.al assessment applicable to that year only for the purpose of defraying, in irrhole or in part, the cost of any: construction, reconstruction, repair or replacement of a capi`al irtmrovement upon the'Common Area., including fixtures and personal property related tYiereto;' ~ravided that :any such: assessment sha11 have°the'assent of ts~o-third t2f31 of the votes, of each class: of members who.."are voting 4n person or by proxy"at a meeting duly r_alled far this purpose. Sec`.ion £s. notice and Quorum for Any Action Autk:ors-zed tinder.. Section 3-and ~. ~s'rit en notice of any' meeting called for the purpose of''-ar.ina any actor. authorized under Section 3 or Sec~~on G shal3 be..sent to' r3t11 members not less than 3t3 nays sror mare than BiJ days :n advance of the meetings,' At the first such meeting called, the presence of membNr•s ar of ,proxies entitled t;a cast sixty percent 1fs09a~ of all the votes of each class of membership shal3 const.tut~~ a quorum. If the:require~3 =quorum a not ~*resent, ar,orher rrseet"tray may be~ cal ed sub,ject to the same notice require^:er:t . arcs . ,"~e reeu i red quorutta :~t the subsequer•tt meetinu shall. oe one-halt ~) ~f`the required quorumat the prECedinc~ mc~+e'.ir.~l. yo such subsequent rrreet:any shall ne held more than EiO drays following she preceding meeting. Sect: vn ? :gin. fc; m Rate of Assessri±en t . Both ~jnrual and. special assessme.^. '-s must be ,`zx?d aT ~ anti"arr~ rate for all Improved tots and all tin~mproved'Lc~ts and tray be collected on a raor;thly 'oasis. Se:-ton 8, Dates of Corrrmencernent of Assessment: ilue Dates. The annual as~essnents provided-for herein; shall ' com;nerce as to all Lots en 'he f°lrs%, day of tyre month following the .conveyance of the Corramon Area'. The firer. regular assessment shall be .adjusted according tci the number of months remaining in the calendar year. Tt2e Board of Directors sFtall fix the amount of the assessment against'. each Lot a'- least th:ri;.t {31i7 drays in advance of each annual , assessment. period. `,~ritten notice of the assessment shall be sent to evr~ry One sub3ect thereto'. The due dates shall be established ~y the Board o: L~irectars. 1"he Association shall , ~soor: de~land, and for a rzasonabie charge. furnish a certification-signer by an ~rddr of the..Associaticsn settinc £~7rth trhether t~,e assessment, on a specified Lot have beers ciaid. sec~.ior~ 9. E ec;: of iaanpayment of Assessmen'~s: -- --- - Remedies of the ~ssocia'_on. F,r1y assessment hat pa ., .~:it.h.^ ~,.hirty '. 3C; ::lays :after ~.e due ~ar_~ shal.I bear irsteres~. (roar= *he^ due csac: :s+ the rare or :.welve peroent ;1~f) pr. -5-