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200501617 12. DUTIES OF VICE PRESIDENT. The Vice President shall, in the absence or disability of the President, perform the duties and exercise the powers of the President and shall perform such other duties as the Members may prescribe. 13. DUTIES OF SECRETARY. The Secretary shall attend all meetings of the Members and shall record all votes and the minutes of all proceedings on books belonging to the Association. The Secretary shall give, or cause to be given, notice of all meetings of the Members and special meetings of the Members, and shall perform such other duties as the Members or the President may prescribe. 14. DUTIES OF TREASURER. The Treasurer shall have the custody of the Association funds, keep accurate accounts of receipts and disbursements on books belonging to the Association and deposit all monies in the name of the Association in such depositories as may be designated by the Members. The Treasurer shall disburse the funds of the Association as directed by the President or the Members, and shall file, at least annually, a report of all transactions and the financial condition of the Association. If required by the Members, the Treasurer shall give bond for the faithful performance of the duties of the office if required by a majority vote of the Members of the Association. 15. COMMITTEES. The officers of the Association may act as the architectural control committee or the officers may designate two or more members to serve as the architectural control committee. In addition, the association board or officers may appoint members to serve on other designated committees. 16. ANNUAL BUDGET. The officers shall prepare a proposed annual budget for the Association and a schedule of annual and /or special assessments for approval by the Association, send written notice of each assessment to every Member assessed, collect the assessments, issue a certificate upon request setting forth whether any assessments are paid or due, and exercise all other powers of the Association. 17. MAJORITY VOTE. A majority vote of the Members at any meeting of the Association at which a quorum is present shall be sufficient to transact the business of the Association unless these Declarations specifically require otherwise, Article IV COVENANT FOR ASSESSMENTS 1. AGREEMENT TO PAY ASSESSMENTS. The Declarant and each Owner of any Lot by acceptance of a deed therefore, whether or not it shall be so expressed in such deed or in such contract, is and shall be deemed to covenant and agree to pay to the Association: (a) Annual assessments, and (b) Special assessments for capital improvements, such assessments to be established and collected as hereinafter provided. The annual and special assessments, together with interest, costs and reasonable attorney's fees, shall be a charge on each Lot and shall be a continuing lien upon each Lot against which each such assessment shall be made. Each such assessment, together with interest, costs and reasonable attorney's fees, shall also be the personal obligation of the person, persons, or entity who, or which, was the Owner of the Lot at the time when the assessment became due. The personal obligation for delinquent assessments shall not pass to such Owner's successors in title, unless expressly assumed by such Owners successors. 2. USE OF ASSESSMENT. The assessments levied by the Association shall be used exclusively to promote the health, safety, recreation and welfare of the Owners of Lots in Property. 3. REGULAR ASSESSMENT. The Association shall fix the annual assessment for regular maintenance of the Streets and Easements of Property and for all other necessary annual expenditures for the Association not deemed capital improvements, based on a budget approved by the Members of the Association. The assessment shall be payable '/2 on May 1 and '/z on September 1 and shall accrue interest at the rate of 14% per annum. The payments shall be made