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53 <br /> each Lot Owner and member of the Board of Directors annually on or before 30 days prior to the <br /> annual meeting of the Association covering the preceding calendar year. The Treasurer will also <br /> prepare and file all reports and returns required by Federal, State or local laws,and will generally <br /> perform all other duties as may be assigned to him from time to time by the President or the <br /> Board of Directors. <br /> Section 7.9. Assistant Secretaries and Treasurers. The Assistant Secretaries and Assistant <br /> Treasurers, if any, will, in the absence or disability of the Secretary or the Treasurer, <br /> respectively, have all the powers and perform all of the duties of those officers, and they will, in <br /> general, perform all of the duties as will be assigned to them by the Secretary or Treasurer, <br /> respectively,or by the President or Board of Directors. <br /> ARTICLE VIII <br /> OPERATION OF THE PROPERTY <br /> Section 8.1. Determination of Common Expenses and Fixinjz of Common Expense. <br /> The Board of Directors, from time to time, and at least annually, will prepare a budget to defray <br /> "Common Expenses" (as defined in the Declaration)payable by the Lot Owners and will allocate <br /> and assess the Common Expenses among the Lot Owners thereof as set forth in the Declaration. <br /> The Common Expenses assessed to each Lot will be a lien on that Lot. The budget of the <br /> Association in the discretion of the Board may include, without limitation, amounts for: funding <br /> deficits for any prior year; a reserve for working capital; a reserve for maintenance and <br /> replacement; and a general operating reserve. <br /> Section 8.2. Payment of Common Expenses. All Lot Owners will be obligated to <br /> pay the Common Expenses assessed by the Board of Directors pursuant to the provisions of <br /> Section 1 of this Article at such time or tunes as the Board will determine. <br /> Page 45 of 50 <br />