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Page 11 of 51 <br />meeting. At the first such meeting called, the presence of Members or of proxies entitled to cast <br />sixty percent (60%) of all the votes of each class of membership will constitute a quorum. If the <br />required quorum is not present, another meeting may be called subject to the same notice <br />requirement, and the required quorum at the subsequent meeting will be one-half (1/2) of the <br />required quorum at the preceding meeting. No such subsequent meeting will be held more than <br />60 days following the preceding meeting. <br />Section 4.7.Uniform Rate of Assessment. Both annual and special assessments must <br />be fixed at a uniform rate for all Lots and may be collected on a monthly basis or other periodic <br />basis established by the Board. <br /> Section 4.8.Date of Commencement of Annual Assessments: Due Dates; Initial <br />Working Capital. The annual assessments provided for herein will commence as to all Lots on <br />the first day of the month following the conveyance of the first lot to an Owner other than <br />Declarant . However, in no event shall the Declarant be required to pay annual assessments nor <br />shall they accrue for any Lot owned by Declarant which has not been conveyed to a third party. <br />The first annual assessment will be adjusted according to the number of months remaining in the <br />calendar year. The Board of Directors will fix the amount of the annual assessment against each <br />Lot at least thirty (30) days in advance of each annual assessment period. Written notice of the <br />annual assessment will be sent to every Owner subject thereto. The due dates will be established <br />by the Board of Directors. The Association will, upon demand, and for a reasonable charge if it <br />deems appropriate, furnish a certificate signed by an officer of the Association setting forth <br />whether the assessments on a specified Lot have been paid. A properly executed certificate of the <br />Association as to the status of assessments on a Lot is binding upon the Association as of the <br />date of issuance. <br />60