HomeMy WebLinkAbout2476 ~ ARTICLB V ~
~ COVENANP FOR NAINTENANCB ASSESSI~lENTS
Section t. Creation of the Lien and Personal Obligation of Assessments.
itie Developer for each Lot and Living Unit awned by him within The Properties here-
by covenants and each Ovner of anq Lot or Living Unit by acceptance of a deed there-
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for, vhether or not it shall be so expressed in any such deed or other convenyance,
shall b e deemed to covenant and agree to pay to the Association: (1) annual
assessments or charges; (2) special assessments for capital improvements, scch
assessments to be fixed, established, and collected from time to time as herein-
after provided. ltie 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 continuing lien upon the property against which each
~such assessment is made. Each such assessment, together with such interest there-
on and cost of collection thereof as hereinafter provided, sha12 also be the
personal obligation of the person who was the Owner of such property at the time
when the assessment fell due. ~
Section 2. Purpose of Assessments. 17~e assessments levied by the ~
Association shall be used exclusively for the purpose of promoting the recreation, ~
health, safety, and welfare of the residents in ltie Properties and fn particular
for the improvement and maintenance of properties, services, and facilities devoted
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i to this purpose and related to the use aad enjoyment of the Common Properties and
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~ of the homes situated upon The Properties, including, but not limited to, the pay-
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~ ~ent of taxes and insurance thereon, and repair, replacement, and~additions thereto,
~ 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 the Board of Dfrectors of the Association
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
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~ in which it is imposed, and shall become due and.-payable on the Date of Cotmnencement.
ri ~e 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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relationship to the annual assessment provided for in Section 4 hereof as the number
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of months remaining in tlie year of the first annual assessment (from and includin~
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~ the non[h of the Date of Commencement) bcars to Cwelve. `
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~ 215 ~ E 247~0 ~
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