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safety, and welfare of the residents in the Property, for the payment of charges for the improvement, maintenance, repair and replacement of the Semi-Private Driveways on the Lots, the exterior of the Living Units, and for the establishing of such reserves and maintaining of such insurance as is herein required or authorized, all as hereafter more specifically described. Section 3. Basis of Annual Assessments: Maximum Annual Assessment. Annual assessments shall be levied on each Lot on the basis of the number of Living Units in each class of membership as follows: (a) Class A: Lots which are owned by Class A members shall be assessed on the basis of one (1) Living Unit per Lot. (b) pClass B: Lots which are owned by the Class B member shall be assessed on the basis of one Living Unit per Lot, provided, howeyer, that such Lot shall be assessed at 25% of the annual assessment for a Class A member until such time that a building permit is issued for such Living Unit. After a building permit has been issued for a Living Unit owned by a Class B Member, said Lot shall pay the same annual assessment as a Class A member. (c) Procedures Prior to Third Annual Meetin2 Followin2 Termination of Class B MembershiD: From and after the date of the first conveyance of a Lot to a person or entity other than Declarant, and until the first annual meeting following termination of Class B membership, the maximum assessment for the Class A members shall be $ per Lot, which amount shall include an amount equal to the member's share of the annual premium for insurance coverage required by Article IX. From and after the first annual meeting following termination of Class B membership and prior to the third annual meeting following termination of Class B membership, the maximum annual assessment (exclusive of the premium for any insurance carried by the Association pursuant to Article IX hereof) may be increased by the greater of (i) five percent (5%) of the maximum assessment for the previous year; or (ii) the percentage increase, if any, over the twelve-month period preceding the year for which such assessment is levied in the Consumer Price Index, all items, published by the United States Department of Commerce, Bureau of Labor Statistics, for the region including Inver Grove Heights, Minnesota. The maximum annual assessment may be increased above the amount of the maximum established hereunder only by a vote of members of the Association holding two-thirds (2/3) of the votes in each class of voting membership who are voting in person or proxy, at a meeting duly called for that purpose; otherwise, the Board of Directors may fix the annual assessment at an amount not in excess of the maximum. -4-