Covenants and Restrictions for Villages at Eastmoore Subdivison

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E. Change in Basis. and Maximum of Annual Assessments: Subject to the limitations of Section C hereof, and for the periods therein specified, the Associations my change the maximum and basis of the assessments fixed by Section C hereof prospectively for any such period provided that any such change shall have the assent of two-thirds (2/3) of the voting members who are voting in person or by proxy at a meeting duly called for this purpose, written notice of which shall be sent too all members at least thirty (30) days in advance and shall set forth the purpose of the meeting, provided further that the limitations of Section C hereof shall not apply to any change in the maximum and basis of the assessments undertaken as an incident to a merger or consolidation in which the Association is authorized to participate under its Articles of Incorporation. F. Quorum for Any Action Authorized under Section D and E.: This quorum required for any action authorized by Sections D and E hereof shall be as follows: At the first meeting called as provided in Sections D and E hereof, the p presence at the meeting of Members or of proxies entitled to cast sixty percent (60%) of all votes of the membership shall constitute a quorum. If the required quorum is not forthcoming at any meeting, another meeting may be called subject to the notice requirement as set forth in Sections D and E, and the required quorum at any such subsequent meeting shall be one-half (1/2) of the required quorum at the preceding meeting, provided that not such subsequent meeting shall be held more than sixty (60) days following the preceding meeting. G. Date of Commencement of Annual Assessments: Due Dates: The annual assessments, provided for herein, shall commence on the first day of April, 2005. The assessment for each succeeding year shall become due and payable the first day of April of each year. No adjustments prorations of assessments shall be made by the Association. For purposes of levying the assessment, assessments shall be considered as paid in advance and shall be levied against any lot which is subject to these Restrictions. The due date of any special assessment under Section D hereof shall be fixed in the Resolution authorizing such assessment. H. Duties of the Board of Directors: The management, affairs and policies of the Association shall be vested in the Board of Directors. The Board of Directors of the Association shall prepare a roster of the properties and assessments applicable thereto at least thirty (30) days in advance of such assessment due date. Such assessment roster shall be kept in the office of the Association. Written notice of the assessment shall thereupon be sent to every owner subject thereto. I. Effect of Non -Payment of Assessment: The personal Obligation of the Owner, The Lien, Remedies of Association: If the assessments are not paid on the date when due (being the dates specified in Section G hereof) then the assessments and costs of collection thereof as hereinafter provided, shall thereupon become a continuing lien of the property which shall bind such property in the hands of the then owner, his heirs, devises, assigns and personal representatives. The personal obligation of the then owner to pay such assessment; however, shall remain his