HomeMy WebLinkAbout0139 SECTION 4. 6ASIS AND MAXIMUM OF ANNUAI ASSESSMENTS. F~om the date
of commencement of annual assessments until the controi of the Association is
turned over to the Ciass "A" iiembers as provided in Article Iil~ Section 2 ~
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hereof, the initial annual assessment shall be ONE HUNDRED TWENTY AND NO/100 Dollars ~
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per Living Unit for all Class "A" Members. Except as hereinafte~ provided, ;
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no assessment shall be payable by Class "B" Members. Such assessment shall ~
. become due and payable from the date determined by the Board of Directors as .
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p~ovided in Sectia~? 3 of this Article. .
Prior to turn over of control of the Association to the Class "A"
Members, the Board of Directors of the Association may, after consideration
of current maintenance costs and future needs of the Association, fix the
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actual assessment for any year at a lesser or greater amount,
Until control of the Association is delivered to the Class "A" Members
as provided in Article II1, Section 2 hereof, .the Developer shall pay the
difference in cost between the amounts collected from the Class "A" Members
and the actual cost of maintenance. Thereafter, the Developer shall not be
obiigated to pay any assessments on any of the lots which are owned by the
Developer.
From and after the date of such "turn over" the annual assessment may
be adjusted by vote of the membership, as hereinafter provided, for the next
succeeding three years and at the end of each such period of three years for
each succeeding period of three years.
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~ - SECTION 5. SPECIAL ASSESSMENT FOR CAPITAL IMPROVEMENTS. in addition
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~ to the annual assessments referred to in this Article, the Association may
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~ levy in any assessment year a special assessment, applicable to the time
~ required for payment, 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
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necessary fixtures and personal property related thereto, provided that any
such assessment shall have the assent of two-thirds of the votes of each class
~ of Members who are voting in person or by proxy at a meeting duly called for
~ this purpose, written ntoice of which shall be sent to all Members at least
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~ thirty (30) days in advance and shall set forth the purpose of the meeting.
~ SECTION 6. CHANGE IN BASIS AND MAXIMUM OF ANNUAL ASSESSMENTS. Subject
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to the limitations of Section 4 hereof, and for the periods therein specified,
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the Association may change the maximum and basis of the assessments fixed by =
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