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Directors of the Association, after- consideration of current costs
and future need shall .establish an annual budge~c and shall. levy
assessments equally against the-Dwelling Units. The total assess-
ments shall equal the proposed budget. The levy shall be in accord- -
ance with Section 6 hereunder.
Any exterior maintegance assessment referred to under Article
IV, Section E= shall not be considered a part of the annual. or
s c -
pe sal.assessments, except to the extent that insurance under
Article Y 8 -provides for exterior maintenance.
D. Special Assessments for Capital Improvements. -In addition
to any annual assessments,-the Asso-ciation may levy in any assess-
ment year a-special assessment, applicable to that year only, for -
the purpose of defraysng, in whole or in part, the cost ~;.fi any con-.
struction, reconstruction, unexpected repair or replacement of a
capital-improvement as approved by the Board-of Directors of the
Association, provided that any such assessment shalt ha~?e-the assent
of~two-thirds (2/3) of the members who-are voting in person or by
proxy at a meeting duly called for this purpose, written notice of
which shall be sent to all members at least thirty.-(30) days in -
ad-vance and shall set forth the purpose of the meeting.-
E: Quorum for Any Action Authorized Under Section D. The -
quo:^ur~ required for any action authorized by-Section D shall be as -
- follows: - -
At the first meeting called, as provided -in Section D hereof,
-the presence at the-meets-ng of Members, or of proxies, entitled to-
cast-sixty (60) per cent of all the votes of the membership sha-11
constitute a quorum. If the required quorum is not forthcoming at
any meeting, another meeting may be called, subject to the notice
requirement--set forth in Section D, and the required quorum-at-any
such subsequen-t meeting shall-be-one~haif of the required quorum
at the preceeding meets-n g, provided that no such subsequent meeting
sha'.l be held more than sixty (60) days. following the preceeding-
meeting.
F. Date of Commencement of Annual Assessments: Due Dates. -
The annual assessments for which provision as herein made shall -
- commence on the date (which shall be-the first-day of a month) fixed -