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in any event, shall also remain the personal obligation of the Lot Owner unless the Club <br />releases the obligation. <br />c. The Club's annual Dues and such other assessments as imposed by the Club <br />shall be a charge on each Lot and shall be a continuing lien upon the Lot against which each <br />such assessment or charge is made. If any Assessment is payable in installments, the full <br />amount of the assessment is a lien from the time the first installment becomes due and the <br />Club shall have the right io accelerate all installments from the date an installment becomes <br />past due. <br />d. No Lot Owner may become exempt from the iiability for payment of Dues or <br />assessments by waiver of the use or enjoyment of the Common Area or by abandonment of <br />the Lot against which assessrnents are made. <br />e. All Dues and assessments shall be payable in the amounts specified in the <br />levy thereof, and no offsets or reduction thereof shall be perinitted for any reason including, <br />without limitation, any claim that the Club or the Board is not properly exercising its duties <br />and powers under this Declaration. <br />� 3.2 Annual Membership Dues and Assessments/Commencement of Membership <br />Dues. Dues may be made on an annual basis against all Lots and shal] be based upon the Club's <br />advance budget of the cash requirements needed by it to provide for the administration and <br />performance of its duties during such assessment year, including the establishment of a reserve fund <br />for the long-term repair, replacement, and improvement of the Common Areas. The budget, or a <br />summary of the budget, and notice of the meeting at which the budget will be approved, shall be <br />submitted to the Members pursuant to the notice requirements set forth in the Bylaws, as amended <br />from time to time, for ratification within thirty (30) days after �u:,Y::�:. of th� r:op��e� bn??et by <br />the Board of Directors. The budget shall be approved pursuant to the assent of sixty-seven percent <br />(67%) of the total votes in the Club (1 vote per Lot). Amendments to the approved budget shall be <br />made pursuant to the ratification procedures described in this section. If a proposed budget is not <br />approved, the last approved budget shall remain in effect until a new budget is approved. <br />Dues and other assessments shall be due and payable in monthly, quarterly, or annual <br />installments, or in any other manner, as determined by the Board of Directors. The omission or <br />failure of the Board of Directors to levy Dues for any period shall not be deemed a waiver, <br />modification or a release of the Lot Owners from their obligation to pay. <br />3.3 Special Assessments. The Board of Directors may, from time to time, propose a <br />budget for a special assessment which shall be in addition to and supplemental to the annual budget <br />of cash requirements. A Special Assessment Budget may be proposed for any costs or expenses to <br />be incurred by the Association which were not provided for in the annual budget and which are <br />deemed necessary, or desirable to the Club. Special Assessment Budgets shall be approved by a vote <br />of 67% votes in the Club (1 vote per Lot); provided however, that a failure to submit a vote for or <br />W:\CLIET171Krnosha Trout CIu6lQeclaration. Am k Ra • Final.wpd <br />MarcA 24, 2000 <br />5 <br />