HomeMy WebLinkAbout2500 as security for the performance of an obligation shall not be a
member. Membership shall be appurtenant to, and may not be separated
from, ownership of any lot in the subdivision.
4. COVENANTS FOR MAINTENANCE ASSESSMENTS.
Section 1. Creation. of the Li~and Personal Obligation of
Assessments. Bach owner of any lot (by acceptance of a deed therefor,
whether or not it shall be so expressed in any such deed or other
conveyance) including any purchaser at a judicial sale, shall here-
after be deemed to covenant and agree to pay to the Association any
annual. assessments or charges, and any special assessments for capital
improvements or major repair; such assessments to be fixed, extablished
and collected from time to time as hereinafter provided. All such
assessments, together with interest thereon from the due date at the
rate of ten percent (10$) per annum and costa of collection thereof
(including reasonable attorney's fees), shall be a charge on the land -
and shall also be the personal obligation of the owner. No owner
may waive or otherwise escape liability for the assessments provided
for herein by non-use of the streets and roads or abandonment of the
same.
Section 2. Purpose of Assessments. The annual and special
assessments levied by the Association shall be used exclusively for
the purpose of promoting the recreation, health, safety and welfare
j of the residents of the subdivision, and in particular for the
improvement and maintenance of Common Areas and any easement in favor
of the Association, including but not limited to, the costs of taxes,
insurance, labor, equipment, materials, management, maintenance
and supervision thereof, as well as for such other purposes as are
permissable activities of, and undertaken by, the Association.
Section 3. Members Approval of Annual Assessments. Assessments
set by the Board of Directors of the Association must be approved by
a simple majority of members of the Association present at the meeting
called- to approve such assessments.
. Section 4. Uniform Rate of Assessment. All regular and
special assessments shall be at a uniform rate for each lot in the
subdivision.
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