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-� �-. 7, 8 CoLyaensation. Except as authorized by a vote of the Owners at a meeting thereof, officers of the Association shall receive no compensation for their services in such capacity. An officer may, upon approval by the Board of Directors, be reasonably compensated for goods and services fumished ro the Association in an individual capaciry. Officers may be reimbursed for out-of-pocket e�cpenses i�curred in the performance of their duties. SECTION 8 OPERATION OF THE PROPERTY 8.1 Assessment Procedures. The first Board of Directors shalf annually prepare a budget of Common Expenses for the Association, but may elect not to levy a Common Expense for up [0 60 days after the comeyance of the first Lot, in which case McKinley Companies shall pay all the expenses of the association until the first assessment is levied. The Board of Directors shall annually prepare a budget of expenses for the Association and shall assess such expenses against each lot by dividing the total common expenses by the number of lots, i.e., seven. a. The Board of Directors shall fix the arnount of the annual assessment against each Lot, levy the assessment and advise the Owners in writing of the assessment at least thirty (30) days prior to the beginning of the Association's fiscal year when the first assessment installment shal( be due. The failure of the Board of Directors to timely levy an annual assessment shall not relieve the Owners of their obligation to continue paying assessment ins[allments in the amount currently levied, as well as any increases subsequendy levied. b. If an annual assessment proves to be insufYicient, the Board of Directors may amend che budget and levy an additional assessment, at any time. � The annual budge[ shall include a general operating reserve. 8.2 Pavment of Assessments. Annual assessments shall be due and payable in monthly installments in advance on che first day of each month of the year or other period for which the assessments are made, and special assessments shall be due when designated by the Board of Directors. All Owners shall be absolutely and unconditionally obligated ro pay the assessments. No Owner or Occupant shall have any right of withholding, offset or deduction against the Association with respect to any assessments, or related late charges or costs of collection, regardless of any claims alleged tiled by the Association or its oft]cers or directors. Any rights or claims alleged by the Owner may be pursued only by separate action. 8.3 Default in Pavment of Assessmen[s. If any Owner does not make payment on or before the date when any assessment or instaliment thereof is due, subject to such grace periods as may be established, the Board of Directors may assess, and such Owner shall be obligated to pay, a late charge as provided in the Declaration for each such unpaid assessment or installment thereof, together with all expenses, including reasonable attomeys' fees, incurred by the Board in collecting any such unpaid assessment.