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20050049'7 Section 4. Special Assessments for Capital Improvements. In addition to the annual assessments authorized 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 replacement of capital improvements including fixtures and personal property related thereto, provided that any such assessment shall have the assent of two - thirds (2 /3rds) of the vote of members who are voting in person or by proxy at a meeting duly called for this purpose. Section li Notice and Quorum for any Action Authori7gd under Sections 3 and 4. Written notice of any meeting called for the purpose of taking action authorized under Section 3 or 4 shall be sent to all members not less that ten (10) days or more than twenty (20) days in advance of the meeting, At the first such meeting called, sixty percent (60 %) of the presence of members or of proxies entitled to cast votes of membership, shall constitute a quorum. If the required quorum is not present, another meeting may be called subject to the same notice requirement, and the required quorum at the subsequent meeting shall be one -half (1/2) of the required quorum at the preceding meeting. No subsequent meeting shall be held more than twenty (20) days following the proceeding meeting. Section 6. Uniform Rate of Assessment, Both annual and special assessments must be fixed at a uniform rate for all lots and may be collected on a monthly basis. Section 7. Date of Commencement of A s. m.n,: Due Dates. The annual assessments provided for herein shall commence as to all lots on the first day of the month following the annual meeting. The Board of Directors shall fix the amount of the assessment against each Lot in advance of each annual meeting. The Board of Directors shall establish the due dates. 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 special Lot has been paid. Section 8. Effect of Nonpayment of Assessments* Remedies of the Association. Any assessments not paid within thirty (30) days after the due date shall bear interest from due date at the rate of twelve percent (121) per annum. If three or more monthly installments of assessment on any Lot shall be unpaid, then the remaining installments of the assessment for such fiscal year, at the option of the Board of Directors, shall become at once due and payable. The Association may bring an action at law against the Owner personally obligated to pay the same or foreclose the lien 6