HomeMy WebLinkAbout2667 AR'1'ICLI: Y
COVENAPlT FOR r~AINTE1~e~NCE ASSESS~IENTS
Section 1. Creation of the Lien and Yersonal Obligation of Assessments.
The Developer for each Lot and Living Unit ownc:d by him within 11ie Properties here-
by covenants and each Owner of any l.c~t or Livin~ Unit by acceptance of a deed there-
for, whether or not it shall be so e~cpressed fn anv such deed or other convenyance,
shall be deemed to covenant and agree to pay to the Association: (1) annual
asses~ments or charp,es; (2) special assessments for capital improvements, such
assessraents to be fixed, es`ablished, a?id collected frow time to time as herein-
after provided. 17ie annual and special .ZSSessmei:ts, together with such interest ~
thereon and costs of collection there~f as hereinafter provided, shall be a charge
on the land and shall be a continuing lien upon the property against which each
such assess~aent is r~ade. Each such assessment, together with such interest there-
on and cost of collection thereof as hereinafter provided, shall also be the
personal obligaticn of the person who was the Owner of such property at the time
when the assessment fell due. '
Section 2. Purpose of Assessmen!s. The assessments levied by 'the
Association shall be used e:;clusively for the pucpose of promoting the recreation,
health, safety, and welfare of the residents in The Properties and in particular
for the improvement and maintenance of propert:es, services, and facilities devoted
t~ th?s purpose and related to the use and enjoyment of the Common Properties and
i
~ ot th~ hoW~~ situat~d upaz T1:c Progerties, includi^b, ~ut ne* ZiWite~ te, the ga~-
meat uf taxes anc~ insurance tbereon, and repair, replacement, and additior.s thereto,
and for the cost of labor, equipment, materials, management, and supervision thereof.
a Section 3. Date of Commencement of Annual Assessments: Due Dates.
Zl~e annual assessner.ts provided ior herein si?all com:n~nce on a date (which shall
be the first day of a~onth) fixed by the Board of Direc[ors of the Association .
herein called [he P~~te cf Ce-~:~~.n~e:r.ent.
1he first annual assessr.i~nt sliall be Zevied for the balance of the calendar year
in whicli it is i~posed, and shall becor~e due and payable on the Date of Commence~ent.
~ The assessments :or any year, after the first year, shall beco:~e due and pa}able on
the first day of `farch of said year.
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The amount of the first annual assessment shall be an aTOUnt ~.•hich bears the same
relationship to thc :~nnual assessnent provided for i n Section 4 hereof as the nu,:.ber
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~ of months remaining in the year of the first annual assessment (fro~ and including
the r~onth of the Uatc of Co:~.~ence~ent) bcars to twelve.
~ a~~x211 F,~c~~665
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