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6.1. F. - Page 15 (which must be within five (S} miles of the Projeet), and the date for such meeting, which date shall be not less than �fteen (15) or more than ninety (9fl) days following th� dat� af the t•eq�est. The presence at ihe zneeting {in person o�• by proxy} of ten (� 0} o� �nore Owne�•s shall constit�te a quoruin. An Owner may vote in person or by proxy. Any dispute, cIaim or othe�• inatter acising out of a decision, action, inaction o�• dete�•inination of the Owneis sl�all be decided by arbifratio�� in accordanoe with the terins of'this Declaration. 3.4 Powez�s of Association: �n addition to tl�e powers enuinerated in this I7eclaration or provided by Iaw, and r�vithout limiiing their genera�ity, the Associatior�, acting th�•ough the Board, shall have the following powers: A. The Association shall have tl�e power to levy and collecti regular andlo�� special assessrnents as dee�x�ed necessary by the Assaciation from tiine to time to pay for the maintenanc�, managernent, repair and replaceinent oF the Common Area as p�•ovided hereby as well as insuranae a�d other costs attcibutable to the Common Area. The Association shall have the power to ej�force any lie� peri�itted by law 6y nonjudicial proceedings iindet• a power af sale or by a��y other means autharized by law. Any assessmertis l�vied by the Association sl�all be used exclusively to promote the econamic interests, praper maintenance, health, safety and welfare of all of the Owners and to enabl� tha Association to petforin its obiigations under this Declaration. Any such assessments shall be levied in eguai proportions arriong the Lots and shall be collected on s��c�► basis as the Association shall deterinine. Any assessment not paid withi�n thi��ty (30) days after the d�e date shall be delinquen�, shall bear interest at the rate of ten (10) percent per annum, corrimencing thirty (30j days after the due date untiI paid, �ot to exceed the maximurr� rate perinitted by applicable law. B. The Association shall annually establish and levy regular assessments in an amount that the Boa��d estimates will be si�fficient to raise the fi�nds needed to adequately ca�er the Co�ninc�n Expettses and pe�•form the d�ties and obligations of the Assaciation du��ing each fiscal year. The budgets for the co�nputation of the regular assessinents shall include a I�realcdovvn of the estimated Comman Expenses. The regular assessar�ents shall be payable monthly, �nless the Board determines otherwise. Coinmon �xpenses shall include the casts and expenses of the general aperations and tnanagement of the Associatiaj� as well as aIl costs of aperating, maintair�ing, repairing and �eplaciilg the impravements upon the Common A��ea and all expenses of obtaining and maintaining �he insurar�ce req�xired to be maintained by ihe Association hereu��der. C. As part of tk�e teguIar assessmer�ts for jnaintenance a�tho�•ized above, th� Board shall annually fix the amo��nt to he contribu�ed pro rata by each Mem6ei• to reserve funds that the Board in its discretion considers appropriate and prudent for the put•pose of defra�ing, in whale or i�� parC, the cast or estimated cost of any fi�tu��e t•econstz�UCtian, x•epair ar replacei�ent of improvements that tl�e Association is obligated to inaintain and repair. Reseive f�nds shail be deposited in a sepa�ate bank accout�t and tl�e signatures of at least twa (2) persons who shali eithe�• be i�e�nbei°s of tl�e Board or one officer who is nat a�nember of the Board aEZd a mejnber of the Board shall be required to withdraw inonies fi•om the rese�ve acco��nt. Resetve funds inay ATTY/AGRI2Ul 1.133 DECLARATION OT CCRs -- KI:NTF[�I.D �tEV:12101/l 1 -6-