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Home My WebLink About0148 The atro~t of the first annual assessment shall be an atro~t which bears the same relationship to.the annual assessment provided for in Section 4 hereof as the number of mrnths remaining in the year of the first annual assess- ; ~ ~ ment ( fran and including the month of tt~ Datre of Oam~enoement) bears to twelve. ~ t The same reductirn in the aamia~t of the asses.sment shall apply t,o the first } : 3 assess~nt levied against any property which is hereafter acY3ed to the properties F ~ , nvw suhject t~ assessn~t at a tim~ other than tY~e beginning of any assessment period. The due date of any special asses.sment under Sectirn 5 hereof shall be fixed in the resoluttrn authorizing such assessre~it. s Seckicn 4. Basis and Mfaximan of Annual Assessrer~ts. FY+an the date of vacm~naement of annual assessrents intil the oontrol of the ASSOCiatirn is turned over t~o the Class "A" Memt~ers as provided in Article III, Section "l hereof, the initial annual asaessre~it shall be Z4i~E; HtNDit~ AND NO/ZUO (~30U.OU) D~Id.ARS per Living Unit for all Glass "A" Nk~mbers. F~cca~pt as hereinaft~er pz~ov~.ded, no assessment shall be payable from the dabe determined by the Board of Dixectors as pravided in Sectia~ 3 of this Article. Prior to turn over of oontrol of the Association to the Class"A" Members, the Board of DiYectors of the Associ~tiai may, after vaisideratirn of current maintenanve oosts and.future needs of the Associatian, fix the-actual assessrent for any year at a lesser or greater a~roia~t. ~ ihtil ocntrol of the Assoca.atiai is delivered to the Class "A" Me~nbers, as provided in Article III, Sectic~n 2 hereof, the Dev~elo~ex shall pay the differ- ence in aost between the aano~ts ooZlected frrm the~ C1ass "A" Me~ers and the actual oost of maintenanae. Zhereafter, the Developer shail not be abligat~ed to pay any assessre.~?ts rn any of i-he lots which are owned by the Develaper. F7om ~d after the date Of Such "tutn over" the annual assessr~nt may be adjusted by wte of tYye n~~ership, as hereinafter provided, for the next sucoeeding three years a~nd at the end of each sudZ period of three years for each sucveeding period of three y~ears. Sectian 5. Special Assessrent for Ca~ital Itqoroveire~ts. In adciitirn to the annual assessments referr~d to in this Article, the Associaticn may levy in any assessment year a special assessreizt, applicable to the time required for paym~a~t, for the pur~ose of defraying, in whole or in part, the vost of any arnstruction or revonstructiai, imexpec,-ted repair or replao~t of a described capital i~rov~t ~ upon the C,aYmon Pzbperties, including the neoessazy fixtures and pex~sonal . Prc~ertY related theret~o, pmvided that any such assess~sit shall have the assent of 2/3 - Page 9 - 600K ~+~7V PA6E ~ ~ ~ ~ ; , - _ - . . ~ - : ~