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SECTION 7 ASSESSMENTS 7.1 Assessment Procedures. Before the beginning of the Association's fiscal year, the Board will assess and levy any common expenses authorized by the Declaration against the Lots according to their proportionate share of liability designated in the Declaration. The Board shall fix the amount of any annual assessments against each Lot and advise the Owners before the first installment is due. Failure of the Board to timely levy an annual assessment does not relieve the Owners of their obligation to continue paying assessment installments in the amount currently levied, as well as any subsequent levies. If an annual assessment is insufficient, the budget and assessments may be amended, or a special assessment levied, by the Board. The levy is deemed to occur on the date specified in the resolution establishing the assessment. 7.2 Payment of Assessments. Unless otherwise specified by the Board, annual assessments will be paid in equal monthly installments in advance of the first day of each month of the year or other period for which the assessments are made, and special assessments will be due when designated by the Board. Owners are absolutely and unconditionally personally obligated to pay assessments levied pursuant to the Governing Documents. No Owner or occupant will have any right of withholding, offset or deduction against the Association for any assessments or related late charges or collection costs. An Owner may only pursue such rights or claims by separate action. 7.3 Default in Payment of Assessments. If an Owner fails to pay assessments, the Board may pursue any remedy available in the Governing Documents or as provided by law. 7.4 Records. The Board will keep records of Board actions, minutes of meetings, contracts, leases, receipts, and other Association agreements relating to the Association's operations. All Association records will be available for examination by Owners upon reasonable notice and at reasonable hours. Records will be maintained for each Lot including amounts assessed against the Lot, the due date, any paid amounts, and the remaining unpaid balance. SECTION 8 AMENDMENT 8.1 ApQroval. Amendments must be approved by(a)the affirmative vote of at least a majority of the Members with voting rights present and entitled to vote, in writing or at a duly held Members' meeting, and (b) by Developer so long as Developer owns any part of the Development. 8.2 Notice. The proposed amendment and notice of any meeting will be mailed by U.S. Mail, or hand delivered, to all Members authorized to vote. FSaptmba 5,3006.CM 0211 FVATAM"36W1%ykwzLi*Pdpw 9