HomeMy WebLinkAbout0372 $ection 4, t3asis and Maximum of Annual Assessments. Fran the date of comm~ncement
of annual assessments, the annua) assessments shall be in an amount reasanably estab+ished by the
Boord oF Directors to discharge the costs anc! expenses of the Association in the operation, maintenonce,
use, repair, replacements, and for the payment of taxes of the Properties of the Assoc:ation and of the
Common Properties, a~id For the purpose of othenvise discharging the abligotions of the Association.
The annual assessments shalf be the same for each lot or DH~elling Unit v+hich is assess~ble and irom
which tl~e assessment shall be-due in accordance witF: tE~is Declaration of Covenants and Restrictions,
The assessments s{ial) be determined from time to time by the Board of Directors after their consideration
of a budyet or budgets, ~nd tl~e assessment may be imposed upon the M~mbership by the Bonrd of
Directors and may be payable as the Directors shall provide, quarter-annually, scmi-annually or on
an annual basis, The Board of Directors of the Association mc~y, from time to time, after consideration
of current operotion a~~d sna+nter.~nce costs and the f~ture t~cec~s of t1~e I'•.ssociafiion, ;~~ocliiy and ef.ang~
the assessments in any year or in any pay pcriod, The foregoing notwithstanding, the Developer's
oyligations to pay assessments sholl be in accordance wiih Sectian 12 of this Article V.
Section 5. Special Ass~ssment for Capital Irr.provements. (n ad~ition to the onnual
assessments re`erred to in this Article, th~ Association moy levy in any assessrrzent year special
assessments, applic~bie to tnat year only, for the pur~ose af de~rraying, in ~vhole or in part, the
~ cos~ of any constructian or reconstruction, unexpected repair or replacement of a described capital
improvement upon the Common Properties, includiny the necessary ~ixtures and persor.al property
t
~ related thereto, provided that any such assessments shall have the assent of tvro-thirds {2/3) the
votes of eacn c!ass of Members who are voting in pers~n or by proxy at a meeting duly called fo~
this purposs, written notice of vihich shall be sent to all Memb~rs at least fihirty (30) days 'sn advance
and shQl) set forth the purpose of the meeting. In the evant of an emergency need for a s?eciel
assess:r.ent, the 8oard of Directors may impose a sp~cial assessment o~ter determining that an emergency
conditio~ exists by the consent of four-fiiths (4/5) of the w{~ole number of Direcfiors, witho+~t c~btaining
t~vo-thirds (2/3) of the votes of each C!ass of Members as above menfiioned, provided only t~ot sur.iz
~ sgecial assessment sha{I not be effective ~gainst ~I~~e Developer no* assess~d against the Develo~er
~ withouF tl~e Developer's cosisent in suct~ case. Special assess~:~nts sh~ll be ossesszd on the ~rhe
Fiasis us an7ual assessments providcd for in Section 4.
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