1. The corporation, through its Board of Directors, may levy regular and/or special assessments for the operation, maintenance, care and improvement of the corporation's easement property, and for the payment of taxes and assessments against the same.

An assessment shall be assessed against each lot on the plat in an equal sum of money and shall be paid by the members to the Treasurer on notice of said assessment.

2. Annual assessment means the assessment made by the Board of Directors with respect to each lot for the payment of common expenses as described in the By-Laws.

3. Common expenses means all costs, expenses and other liabilities lawfully assessed against lot owners, (a) in connection with the administration, management, maintenance of the open space easement and recreation area and (b) declared to be common expenses by the provisions of these By-Laws.

4. Charges and Assessments: The Association acting by and through its Board of Directors, shall manage, operate and maintain the common easement roadway for the benefit of the lots and the owners thereof, shall enforce the provisions hereof and shall pay out of the common expense fund herein elsewhere provided for the following.

5. The cost of management and administration, liability insurance, electricity for street lighting, landscaping of the common areas, and other common maintenance.

6. The cost of any and all other materials, supplies, labor, services, maintenance, repairs, taxes, assessments or the like which the Association is required to secure or pay for or which on the discretion of the Board of Directors, shall be necessary for or proper for the operation of the common elements.

7. Preparation: Each year on or before January 1, the Board of Directors shall adopt a budget for the Association containing an estimate of the total amount which it considers necessary and required during the ensuing fiscal year for the administration, operation, maintenance and repair of the Common Road and the rendering to the Lot Owners of all related services.

A. Notice of Proposed Budget. The Board of Directors shall send to each Lot Owner a copy of the budget within 30 days after its adoption, and the assessment shall set forth separately such Lot Owner's share of the total assessment allocated to normal and recurring expense of administration, management, operation and repair, and the amount of the total assessment allocated to each category of reserves included in the budget. Said budget shall constitute the basis for determining each Lot Owner's contribution for the Assessment.

The Board of Directors shall call a meeting of the Association to approve the budget.

B. Failure to Adopt Budget. The failure or delay of the Board of Directors to prepare or adopt or the rejection by the Lot Owners of, the annual budget for any fiscal year shall not constitute a waiver or release in any manner of a Lot Owner's obligation to pay his allocable share of the Assessment as herein provided. In the absence of any biannual budget or adjusted budget, each Lot Owner shall continue to pay the biannually charge at the then existing rate established for the previous fiscal period until such new biannual or adjusted budget shall have been mailed or delivered and thereafter all subsequent monthly payments shall be as provided by such new annual or adjusted budget.

C. The Board of Directors may increase or decrease the biannual assessment at any time during the year in which it is payable.

D. Default in Payment of Assessment. Upon default in the payment of any assessment the delinquent Lot Owner shall be obligated to pay interest at the maximum legal rate on such charges from the due date thereof to the date of payment together with all expenses, including attorneys' fees, incurred by the Board of Directors to collect such unpaid assessment and if any such delinquent assessment is not paid within thirty (30) days after written notice and demand is made, the Association or Board of Directors shall be entitled to enforce the payment of said lien according to the laws of the State of Rhode Island.