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Section 4. ea~sis ~nd Maximum of Monthly Assessments.
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From the date of comzaencen?ent of monthly assessments until the year ~
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beqinninq January l, 1977 the monthly assessment shall be $~5.00 '
per month per Livfnq Unit. From and after January 1, 1977, the monthly~
assessment may be adjuated by vote of the Members, ns hereinaf ~~r
provided, for the next aucceedinq ~eara ~and at the end of each
such period of ~ears for each succeedinq period of 2 years.
The eoard of Directors of the Association may, after consideration of
current maintenance costs dt~s3 futL?'~ ne~ds of the Association, fix
the actual assessment for any year ~t a lesser amount.
Section 5, S4ecial Aasessment for Capital Improvements.
In addition to the monthly assessments referred to in this Article, ~
the Association may levy in any assessment year a special assess- .
ment, applicable•to that year only, for the purpose of defrayinq,
in whole or in part, the cost of any construction or reconstruction,
~ unexpected repair or replacement of a described capital improvement
upon the Common Properties, including the neceasary fixturea and
personal property related thereto, provided that any.such assessment
shall have the assent o~ two-~hirds of the votes of each class of
Members who are voting in person or by proxy at a meeting duly called
for this purpose, written notice of which shall be sent to all Members
a~ 2east thirty (30) days in advance and shal~ set forth the purpose
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of the meeting. s
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Section 6. Change in Basis and Maximutn of Monthly
; Assessments. Subject to the limitations of Section 4 hereof, and
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! fo= tlie periods therein specified, the Association may change the
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~ maximum and basis of the assessments fixed by Section 4 hereof
~ prospectively for any such period provided that any such change shall
~ have the assent of two-thirds of the votes of each class of Members,
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F who are voting in person or proxy, at a meeting duly called for this
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~ purpose, written notice of which shall be sent to all Members at
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~ least thirt (30) da s in advance and shall set forth the
: y y purpose of
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` the meeting, provided further that the limftations of Section 4 here-
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t of shall not apgly to any change in the maximum and basis of the assess-
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~ ments undertaken as an incident to a merger or consolidation in which
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~ the Asaociation is authorized to participate under its Articles of.
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~ Incorporation and under Article iI, Section 2 hereof.
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~ Section 7. Quorum for Anv Action Authorizad Under Sections -
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