HomeMy WebLinkAbout0085 annual assessment shall b dollars ($'a~~ per Lot of Living Unit.
From and after January 1, 1978, the annusl asseasment may be adjusted by vote of
the Members, as hereinafter provided, and the Board of Directore 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. In addition to
~ th~ annuai ~Sa~aaL'~RCo r~f~rred to in this ArticZ~, the AseociatiQn may levy
in any assessment year a special 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 improvement
upon the Common Properties, including the necessary fixtures and personal property
related thereto, provided that any such assessment shall have the assent of two-
thirds of the votes 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
at least thirty (30) days in advance and shall set forth the purpose of the meeting.
Section 6. Change in Basis and Maximum of Annual Assessments. The Association
may change the maximwn 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 tw~o-thirds of the votes of the Members, who are voting in person or
proxy, at a meeting dulq called for this purpose, written notice of which shall
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~ be sent to all Members at least thirty (30) days in advance and shall set forth
~ the purpose of the meeting.~
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Section 7. Quorum for Any Action Authorized Under Sections S and 6. The
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quorum required for any action authorized by Section S and 6 hereof shall be as
follows: ~
At the first meeting called, as provided in Section 5 and 6 hereof, the
presence at the meeting of Members, or of proxies, entitled to cast sixty (60)
percent of all the votes of the membership shall constitute a quorum. If the
~ required quorum is not forthcoming at any meeting, another meeting may be called,
~ subject to the notice requirement set forth in Section S and 6, and the required
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~ quorum at any such subsequent meeting shall be one-half of the required quorum
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~ at the preceding meeting.
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~ Section 8. Duties of the Board of Directors. The Board of Directors of
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~ the Association shall fix the Date of Commencement and the amount of the assessment
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~ against each Lot or Living Unit for each assessment period of at least thirty (30)
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