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84 <br /> Section 3. Payment of Annual Assessments; Due Dates <br /> . Each Owner of a Lot shall pay to the Association Annual Assessments as hereinafter set forth. <br /> Annual Assessments provided for herein shall commence as to all Lots shown on a Plat of any <br /> Phase of the Property as of the date of the conveyance of the first Lot in such Phase by Declarant <br /> to an Owner(other than Declarant)of such Lot. The Annual Assessment for the first year in which <br /> a Lot is subject thereto shall be prorated based upon the number of days remaining in the applicable <br /> billing period from the date of such conveyance. The Annual Assessment amount for each <br /> calendar year shall be in an amount as set by the Board of Directors, in accordance with the terms <br /> of this Article V. Annual Assessments shall be due and payable in advance on a yearly basis (or <br /> such other basis as is determined by the Board in its discretion) commencing on January 1 of each <br /> calendar year. The Board of Directors shall fix the amount of the Annual Assessment as to each <br /> Lot for any calendar year at least thirty(30) days prior to January 1 of such calendar year, and the <br /> Association shall send written notice of the amount of the Annual Assessment, as well as the <br /> amount of the payment due, to each Owner on or before January 5 of such calendar year. To the <br /> extent required by North Carolina General Statutes 47F-3-103(c) or other applicable law, such <br /> notice shall include notice of a meeting of the Members to consider ratification of the budget, <br /> including a statement that the budget may be ratified without a quorum. If such a meeting is <br /> required by N.C. General Statutes 47F-3-103(c), or other applicable law, the Board of Directors <br /> shall set a date for a meeting of the Members to consider ratification of the budget to be held not <br /> less than ten (10) nor more than sixty (60) days after mailing of the summary and notice. If such <br /> meeting is required as set forth above, there shall be no requirement that a quorum be present at <br /> the meeting. The budget is ratified unless at such meeting Members exercising all of the votes in <br /> the Association reject the budget. The failure of the Association to send,or of a Member to receive, <br /> such notice shall not relieve any Member of the obligation to pay Annual Assessments. <br /> Notwithstanding the foregoing, for calendar years beginning prior to the Turnover Date, in lieu of <br /> payment of Annual Assessments, Declarant may elect to pay for each such calendar year that <br /> portion of the annual expenses of the Association(excluding any reserves)which exceeds the total <br /> amount of the Annual Assessments paid by the Owners other than Declarant. <br /> Section 4. Conveyance Pro-rations; Reduced Annual Assessments <br /> (a) With respect to any Lot conveyed by Declarant, the purchaser of such Lot shall pay to the <br /> Association at closing the amount of the Annual Assessment for the installment period in which <br /> the closing occurs on such Lot prorated based upon the number of days remaining in such <br /> installment period. With respect to any Lot conveyed by any Owner other than Declarant, the <br /> amount of the Annual Assessment applicable to such Lot for the installment period in which such <br /> closing occurs shall be prorated between the buyer and seller thereof as of the date of closing of <br /> such conveyance. <br /> (b) Declarant shall have the authority to reduce the Annual Assessment on any Lot on which <br /> no structure has been completed(i.e., no Certificate of Occupancy has been issued). <br /> Section 5. Special Assessments <br /> 13 <br />