HomeMy WebLinkAbout0701 The amoun~ of the first ann~al assessnent shall b~ ari amo~u~t wh.ich
b~ars the sarne relatianship to the annual assess~nent proviclod for in Section 4
hereof as the rnanber of months ranaining in the year of the fir~~ annual assess- •
ment ( f ran ar~d incluaing the manth o£ the Date of Ca?menoement) bears to t~elve .
The s~ne recluction in the am~int of the assessmP`nt shall apply to the first
assessnent levied aga~nst any prop~eri.y which is hPxeafter added to the properties -
nav subject to assessnent at a time other than the beginninq of any assessmer?t
period. T'he due date of any s~cial assessmecit u~ler Section 5 hereof. :~hall be
fixed in tYie resolution autho~izing such assess~nt. -
.
~ Sectirn 4. Basis and Mla~ximum of Annual Assessments . Fran the date of
t of annual asses~rnents until the a~ntrol of the Association is turne~d
wer to the C].ass "A" M~xs as pravided in Article III, Section 2 hereof, the
initial annual assessment shall be .C1NE HUNDRID ZWENNt'Y AND NO/lOQths
~ Q i
Dollars per Living Unit for a12 Class "A" Members. ~ccept as hQxei.nafter p~avided, ~
i
rq assessment shall be payable by Class "B" MHnbers. Such assessnent shall beccme
due and payable fram the date determin~ed by the Baard of Dir~ctors as pravided in
i
Section 3 of this Article .
.
Prior tA turn aver of vontro2. of the Association to the Class "A" Me~ers,
;
the Board of Directors ot the Association may, aftex consideration of current :nain-
tenanoe oosts and fature needs of the Associatian, fix the actual assessrnnt for
any year at a lesser or greater aQrount.
~
Until oontrol of the Association is delivered to the Class "A" Ma~ers -
as pravided in Article III, Sectian 2 hereof, the Developex shaLl gay the differenoe
in vost betwoen the a~nounts collected frcm the Class "A" Menbers and the actual
v~st of maintenance. ~hereafter, the Develvnex shall not be obligated to pay
arYy assesanents an any of the lats which are owned by the Developer:
FYan arxi after the dat~e of such "turn over" the annual assessnent may
be adjusted by vot,e of the m~anbership, as herein~fter pravided, for the next
suoceeding three years and at the en.3 of each such.period of three years for each
succeeding period of three years. ~
:
Section 5. Special Assessm~.nt for Capital I~rw+an~nts. In ~ddition to
the annual assessc?ents referred to in this Article, the Associatior, may levy in any
assessment year a special assessrr~nt, applicable to the time required for payment,
for the }7ur~ose of defrayinq, in who~e or in part, the oast of any constructio:l or
reoonstruction, ~exoected repair or replacen~nt of a described capital i~rovenent
~
upon the Camm~ Pro~perties, including the necessary fixtures and personal property ~
relatod theret~, provic~ed that any such assess~nt shall have the assent of tw~ thirds
gORK 2~3 FAGE ~OO
-~age 10-