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the Lot is located. This reduced assessment shall apply to each Lot owned by Declarant at the time that the Lot is created, and shall continue until the issuance of the certificate of occupancy as previously described. There are no assurances that this alternative assessment program will have no effect on the level of services for items set forth in the Association's budget. Section 5. Special Assessments. In addition to the annual assessment authorized above and insurance authorized below, the Association may levy, in any assessment year, special assessments applicable to that year only for the purpose of defraying, in whole or in part, the cost of maintaining the properties which are to be maintained by the Association; provided, however, that any such assessment shall have the assent by a vote of members holding two-thirds (2/3) of the votes of voting membership who are voting in person, by proxy or by mail at a meeting duly called for this purpose. Section 6. Insurance Assessments. In addition to the annual assessments and special assessments authorized above there shall be an assessment for the purpose of providing a reserve from which all premiums for those insurance policies required by Article IX of this Declaration shall be paid. Said assessment for each Owner shall be set by the Association first detennining the insurance premium necessary to provide for the full insurable replacement cost attributable to each Owner's Lot. The assessment shall then be set by the Association at a rate which will create a reserve equal to 1.5 times said insurance premium. Section 7. Notice and Ouorum Requirements for Any Action Authorized Under Section 4 and 5. Written notice of any meeting called for the purpose of taking any action authorized under Section 4 or 5 of this Article V shall be sent to all members not less than fifteen (15) days nor more than thirty (30) days in advance of the meeting, excluding the day of the meeting. At any such meeting called, the presence of members, of proxies, and of mailed ballots of members entitled to cast sixty percent (60%) of all of 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 requirements and the required quorum at the subsequent meeting shall be one-half (1/2) of the required quorum of the preceding meeting. Section 8. Uniform Rate. As applied to each Lot, annual assessments, insurance assessments, and special assessments must be fixed at a unifonn rate for all Lots. Any assessment or portion thereof benefiting fewer than all of the Lots may be assessed exclusively against the Lots benefited, on the basis of (i) equality, (ii) square footage of the area being maintained, repaired or replaced, or (iii) the actual cost incurred with respect to each Lot. If Common Expense liabilities are reallocated for any purpose authorized by the Act, Common Expense assessments and any installment thereof not yet due shall be recalculated in accordance with the reallocated Common Expense liabilities. Section 9. Commencement of Assessments. The assessments provided for herein shall commence upon the execution and filing of this Declaration. Section 10. Duties of Board of Directors. At least thirty (30) days in advance of each annual assessment period, the Association's Board of Directors shall fix the amount of the annual assessment against each Lot, establish due dates for such assessment, and send written notice of such annual assessments and due dates thereof to every Owner subject thereto. At this time, the Board of Directors shall also prepare a roster of the Lots and all assessments applicable thereto, which shall be kept in the office of the Association and shall be open to inspection by all Owners. The annual assessment period shall commence on January 1 st and run to December 31 st of the next succeeding year. 7