HomeMy WebLinkAbout2456 ARTICLB V
COVENANT FOR 1~AINTBNANCE ASSBSSMENTS • •
Section 1. Creation of the Lien and Personal Obli~ation of Assessments.
1~e Developer for each Lot and Living Unit o4med by him vithin ltie Properties here-
by covenants and each Owner of any Lot or Living Unit by acceptance of a deed there-
for, whether or not it shall be so expressed in any such deed or other convenyance,
shall be de~med to covenant and agree to pay to the Association: (1) annual
assessments or charges; (2) special assessments for capital improvements, such
assessments to be fixed, established, and collected from time to time as herein-
after provided. The annual and special assessments, together vith such interest ~
thereon and costs of collection thereof as hereinafter provided, shall be a charge
on the land and shall be a cantinuing lien upon the property against which each
such assessmeat is made. Eaeh such assessment, together with such interest there-
on and cost of collection thereof as hereinafter provided, shall also be the
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personal obligation of the person who was the Owner of such property at the time }
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when the assessment fell due. -
Section 2. Purpose of Assessments. The as~essments .levied by the
Association shall be used exclusively for the purpose of promoting the recreation, :
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health, safety, and welfare of the residents in The Properties and in particular 3
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for the improvement and maintenance of properties, services, and facilities devoted ~
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to this purpose and related to the use and en3oyment of the Common Properties and °
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i of the homes situated upon The Properties, including, but not limited to, the pay-
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s mezt of t~es and insurance thereon, and repair, replacement, and addit2ons thereto,
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~ and for the cost of labor, equipment, materials, management, and supervision thereof.
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~ Section 3. Date of Commencement of Annual Assessments: Due Dates.
1he annual assessments provided for herein shall commence on a date (which shall
be the first day of a month) fixed by rthe Board of Directors of the Association
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herein called the Date of Co~encement.
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The first annual assessment shall be levied for the balance of the calendar year F
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~ in which it is inposed, and shall become due and payable on the Date of Commencement.
~ The assessments for any year, after the first year, shall become due and payable on
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~ the first day of March of said year. ~ `
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~ The amount of the first anm~~l ass~scrnAnt ~hall l,P a., ~,~,~,~.,r wh~~~; ~p~.~ ~ro ~
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~ relationship to the annual assess~nent provided for in Section 4 hereof as the numbcr
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of months remaining in the year of the first annual nssessment (from and including
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~ the month of the Date of Commencement) bears to twelve.
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