HomeMy WebLinkAbout0138 to covenant and agree to pay to the Association: (1j annual ass~ssments o~
charges; (2) special assessments for capttai improvements, such assess-
ments to be ftxed, established, and collected from time to time as herei~afte~
provided. The annua) and special assessments, together witfi such interest
thereon and costs of collection therefor as hereinafter provided shall be a
charge on the land and shall be a continuing iien upon the property against
which each such assessrrient is made. Each such assessment, together with
such interest thereon and cost of collection thereof as hereinafter provided,
shall also be the personal obligation of the person who was the Owner of such
property at the time when the assessment fetl due.
SECTtON 2. PURPOSE OF ASSESSMENTS. The assessments levied by
the Association shall be used exclusively for the purpose of promoting the
recreation, health, safety, and welfare of the residents i~ The Properties
and in particular for the improvement and maintenance af properties, services
and facilities devoted to this purpose and related to the use and enj oyment
of the Common Properties and of the homes situated upon The Properties, i~-
cluding, but not limited to, the payment of taxes and insurance on the Cortmon
Properties, and repair, replacement, and additions thereto, and for the cost
of labor, equipment, materials, management and supervision thereof.
SECTION 3. DATE OF COMMENCEMENT OF ANNUAL ASSESSMENTS: DUE DATES.
The annual assessments provided for herein shail 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 annual assessment shall be levied for the balance of the
calendar year in which it is imposed, and shall become due and payable on the
Date of Commencement. The assessments for any year, after the first year,
~ shall become due and payable on the first day of March of said year.
, The am~unt of the first annual assessment shall be an amount which
bears the same relationship to the annuai assessment provided for in Section
4 hereof as the number of months remaining in the year of the first annuai
assessment (from and including the month of the Dat~ of Commencement) bears to
twelv~e. The same reduction in the amount of the assessment shall apply to
the first assessment levied against any property which is hereafter added to
the p~operties now subject to assessment at a time other than the beginning
of any assessment period. The due date of any special 'assessment under
Section 5 hereof shall be fixed in the resolution authorizing such assessment.
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