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(d) Procedures After the Third Annual Meetin2 Followin2 Termination of Class B MembershiD: After the third annual meeting following termination of Class B membership, the Board of Directors shall have the authority to fix the annual assessment and to fix an increase to the annual assessment in an amount no greater than 5% of the annual assessment for the previous year (exclusive of the premium for any insurance carried by the Association pursuant to Article IX hereof). Any increase greater than the stated 5% increase shall require approval by a vote of members of the Association holding two-thirds (2/3) of the votes in the Class A membership who are voting in person or proxy, at a meeting duly called for that purpose. Section 4. Special Assessments for Capital ImDrovements. In addition to the annual assessments authorized above, the Association may levy, in any assessment year, a special assessment applicable to that year only for the purpose of defraying, in whole or in part, the cost of any construction, reconstruction, repair or replacement of a capital improvement, including fixtures and personal property related thereto, provided that any such assessment shall ~ave the assent of two-thirds (2/3) of the votes of each class of members who are voting in person or by proxy at a meeting duly called for that purpose. Section 5. Notice and Quorum for Anv Action Authorized Under Section 3 and 4. Written notice of any meeting called for the purpose of taking any action authorized under Section 3 or 4 shall be sent to all members not less than thirty (30) days nor more than sixty (60) days in advance of the meeting. At the first such meeting called, the presence of members or of proxies entitled to cast two-thirds (2/3) of all the votes of each class of membership shall constitute a quorum. If the required quorum is not present, another meeting may be called subject to the same notice requirement, and the required quorum at the subsequent meeting shall be one-half (1/2) of the required quorum at the preceding meeting. No such subsequent meeting shall be held more than sixty (60) days following the preceding meeting. Section 6. Collection of Assessment. Both annual and special assessments may be collected on a monthly basis. Section 7. Date of Commencement of Annual Assessments: Due Dates. The annual assessments provided for herein shall commence as to all Lots on the first day of the month following the conveyance of a Lot to an Owner. The first annual assessment shall be prorated according to the number of months remaining in the calendar year. The Board of Directors shall fix the amount of the annual assessment against each Lot at least thirty (30) days in advance of each annual assessment period. Written notice of the annual assessment shall be sent to every Owner subject thereto. The due dates shall be established by the Board of Directors. The Association shall, upon demand, -5-