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HomeMy WebLinkAbout0010 thereto, and for the cost of labor, equipment, materials, management, and supervision thereof. Section 3. Date of Commencement of Monthly Assessments: Due ~ates. The monthly assessments provided for herein shall commence on a date (which shall be the first day of a month) fixed by the Board of Directors of the Association herein called the Date of Commencement. The first monthly as^essment shall become due and payable on the Date of Commencement. The assessments for any month, after the first month, shall become due and payable on the first day of each month. The due date of any special assess- ment under Section 5 thereof shall be fixed in the resolution authorizing such assessment. Section 4. Basis and Maximum of Monthly Assessments. From the date of commencement of mon~hly assessments until the year beginning January l, 1977, the monthly assessment shall be as follows: Any living unit containing living area exceeding 1075 square feet shall be assessed at $85.00 per month. Any living unit containing living area greater than 815 square feet but less than and including 1075 square feet shall be assessed $78.00 per month. - Any living unit containing Iiving areas less than and including 815 , ; square feet shall be assessed $75.00 per ~onth. From and after ~ ~ January 1, 1977, the monthly assessment may be adjusted by vote of i ! ~ the Members, as hereinafter provided, for the next succeeding two € d ~ years and at the end of each such period of two years for each ~ ~ ~ 4 succeeding periods of tcvo years. The Board of Directors of the ~ Association may, after consideration of current maintenance costs ~ and future needs of the Association, fix the actual assessment for ~ ~ any year at a lesser amount. ~ Section 5. Special Assessment for Capital Improvements. ~ A In addition to the monthly assessments referred to in this Article, _ the Association may levy in any assessment year, a special 'z assessment, applicable to that year only, for the purpose of - ~ defraying, in whole or in part, the cost of any construction or ~ ~ ~ reconstruction,unexpected repair or replacement of a described capital ~ ~ ~ ~ ~ ~ -10- ~ ~ Boo~~~s ~E ~.o . L ~ ~ ~ sry - . .~~~a-a~y5""~ ~ _ ' _ . . . _ . f':~_.. . - . ._.~r?z