Agenda - 04-20-2018 6-a - Major Subdivision Preliminary Plat Application

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Page 47 of 51 prepare and file all reports and returns required by Federal, State or local laws, and will generally perform all other duties as may be assigned to him from time to time by the President or the Board of Directors. Section 7.9. Assistant Secretaries and Treasurers. The Assistant Secretaries and Assistant Treasurers, if any, will, in the absence or disability of the Secretary or the Treasurer, respectively, have all the powers and perform all of the duties of those officers, and they will, in general, perform all of the duties as will be assigned to them by the Secretary or Treasurer, respectively, or by the President or Board of Directors. ARTICLE VIII OPERATION OF THE PROPERTY Section 8.1. Determination of Common Expenses and Fixing of Common Expense. The Board of Directors, from time to time, and at least annually, will prepare a budget to defray “Common Expenses" (as defined in the Declaration) payable by the Lot Owners and will allocate and assess the Common Expenses among the Lot Owners thereof as set forth in the Declaration. The Common Expenses assessed to each Lot will be a lien on that Lot. The budget of the Association in the discretion of the Board may include, without limitation, amounts for: funding deficits for any prior year; a reserve for working capital; a reserve for maintenance and replacement; and a general operating reserve. Section 8.2.Payment of Common Expenses. All Lot Owners will be obligated to pay the Common Expenses assessed by the Board of Directors pursuant to the provisions of Section 8.1 of this Article at such time or times as the Board will determine. No Lot Owner will be liable for the payment of any part of the Common Expenses assessed against his Lot subsequent to a consummated sale, transfer or other conveyance by him (made in accordance with the provisions of the Declaration and applicable restrictions of record) 96