HomeMy WebLinkAbout0700 No such gra?lt shall requir~e tt~e reimval or relocati.on of any imprvv~ients existing
on the Qocnron Pro~rties on the dat~ of the grant.
ARTICIE V
O~ FOR M~iQ1ANCE ASSF.S3~NI'S '
Sectian l. Creation of the Lien a?xi PersQnal Obligation of AsSe~sments.
bcoept as hereinafter more fully pravided, th~e Developer, far each I~t anci Living
tkzit o~,med by it within the Propexti.es, herebY oav~enants ancl each Owner of any '
IAt or Livinq Unit, by acoeptanoe of a d~ed therefor, whett~r ar not it shall
be so expressed in any such c~eed or other conveyanoe, shall be de~~d to oov4nant:
ard agree to pay to the Associatian: (1) annual asses.~~ents or charyes; (Z)
special assessnents for capital im~provements, such assessnents to be fi~c~ed,
established, and collecGed foim time to t~me as hereinafter provided. The annual.
and s~eci.al assessmFnts, together ~vith sucli intet~est i~~x~~on ~u~d c.x~sts of colle~
tion thex+eo~ as hereinaft~er provic~ed, shall be a charge on the land and shall be :
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a oonti~ui.ng lien t~pon the praperty against which each such assessment is made. '
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Each su~ch assessnent, together with such interest therean and oost of oollection ~ {
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thexeo~ as hereinafter pravided, shall also be the persanal obligaticn of the ~
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persaci who was the Owner of such prvperty at the time when the assessment fell
due. -
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; Sectian 2. Purpose of Asses.sments. T'he assessments levied by the
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! Association shall be used exclusively for the purpose of praroting the recreation,
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€ health. sa~etY, and welfare of the residents in The Properties and in particular
~ ~or the inpro~l+~rent and mainte.nanve of pro~erties, servioes and facilities devoted
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~ to this purpose and related to the use and enja~m~nt of the Cum~on Properties and
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o~ the Y~a~s situated upoci ~e Praperties, incluciing, but not limited to, the
PaYm~nt o~ ta~s and insuran~e rn the Commn Properties, and repair. replac~ent, :
A and adciitirns thereto, arid for the oost of labor, equignent, materials, management,
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and su~erVis~on thereof. - `
Section 3. Date of Canrnnoe~nent of Annual Assessn~ents:
~ D~e Dates. ~e annual assess~nts provided for herein shall oanr~ence o~i a date
(whi,ch shall be the first day of a month) fix~ed bY the Board o~ Directors of
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~ the Assoc.i.atian herein called the Dats of CaRnenoem~nt.
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~ The first annual assessnent shall be levied for the balanoe of the
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~ calenda,r year in which it is i~ed, and shall becat~e due and payable on the
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~ Date o~ Cumnenve~.nt. Tl~ assesscnents for any year, after the first year, shall ;
~ beoa~ due and payable on the first day of March of said y+ear. ;
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~ OR Q
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