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interest at the rate of ten percent (10$) per annum from the date
when due until paid.
2. Special Assessments. The Board of Directors may
levy a special assessment for any of the following purposes: the
acquisition of property; defraying the cost of construction of
capital improvements to the Common Property; the cost of construc-
tion, reconstruction, unexpected substantial repair or replacement
of a capital improvement, including the necessary fixtures and
personal property related thereto. Except when the total special
assessment does not exceed $5,000, any special assessment shall
have the approval of the membership of the Association, to be
obtained at a duly convened regular or special neeting called at
least in part to secure this approval, by. an affirmative vote of
no less than two-thirds (2/3) of the members present in person or
by proxy. All notices of special assessments from the Association
to the members shall designate when they are due and payable. All
special assessments shall be at a uniform rate for each unit or
parcel assessed, so that each unit or parcel subject to a special
assessment shall be assessed equally.
Special assessments shall be collectible in such manner as
the Board of Directors shall determine. Any delinquent special
j assessment shall bear interest at the rate of ten percent (10$)
i
per annum from date when due until paid.
E. Effect of Non-Payment of Assessments.
1. Lien, Personal Obliaation, Remedies of
~ Association. If any assessment is not paid on the date when due,
the assessment shall then become delinquent and shall, together
with interest thereon and the cost of collection, become a
continuing lien on the unit or parcel against which the assessment
is made, and shall also be the .continuing personal obligation of
the owner against whom the assessment is levied.
b
If the assessment is not paid within thirty (30) days after
the due date, the Association may, at any time thereafter, bring
an action to foreclose the lien against the unit or parcel and/or
- 5- (IR
aaoK 327 PacE 928
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