HomeMy WebLinkAbout0974 membership shall constitute a quorum. If the required quorum is
not forthcoming at any meeting, another meeting may be called,
subject to the notice requirement set forth in Section D, and the
required quorum at any such subsequent meeting shall be. one-half
(1/2) of the required quorum at the preceeding meeting, provided .
that no such subsequent meeting shall. be held more than sixty (60)
days following the preceeding meeting.
F. Date of Commencement of Quarterly Assessments: Due
Dates. The quarterly assessments for which provision as .herein
made shall commence on the first day of January, April, July and
October, and shall be prorated for new Dwelling Unit Owners, by
the Board of Directors of the Association.
The amount of the quarterly assessment which may be
levied for the balance remaining in the first quarter assessment
shall be an amount which bears the same relationship to the
quarterly assessment provided- for in Article IV C hereof as the
remaining number of months in that quarter bear to three.
Any assessment shall be payable on the due date in
advance in monthly, quarterly, semi-annual or annual installments,
as determined by the Board of Directors of the Association.
G. Duties of the Board of Directors. The Board of
Directors of the Association shall fix the date of commencement
and the amount of the assessment against each Dwelling Unit for
~ each assessment period.
~ Written notice of the assessment shall thereupon be
sent to every Owner and mortgagee or prospective mortgagee subject
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thereto, not later than seven (7) days after fixing the date of
! commencement thereof.
A list of mortgagees to whom notices are to be sent
shall be maintained by the Association and changes therein shall
be the responsibility of the Owners.
The Association shall upon demand at any time,
furnish to any Owner and mortgagee, or prospective Owner or
mortgagee liable for said assessment, a certificate in writing
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X331 P~F 974