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improvement and maintenance of properties, services and facilities devoted to this
purpose and related to the use and enjoyment of the Co~on Properties including but
not limited to, the paywent of taxes and insurance on the Common Properties, and
repair, replacement, and additions thereto, and for the cost of labor, equipment,
materials, n~anagement and supervision thereof, as well as for the purpose of
payment for drainage maintenance and, Where applicable, taxes assessed by a special
taxing district.
Section 3. Date of Commencement of Annual Assessments:
Due Dates. The annual assessments provided for herein shall commence on a date
(which shall be the first day of a month) fixed by the Board of Directors of the
Association herein called the Date of Co~encement.
The first annual assessment shall be levied for the balance of the
calendar year in which it is imposed, and shall become due and payable on the
Date of Commencement. The assessments for any year, after the first year, shall
become due and payable on the first day of January of said year.
The amount of the first annual assessment shall be an amount which bears
the same relationship to the annual assessment provided for in Section 4 hereof
as the.number of months remaining in the year of the first annual assessment
(from and including the month of the Date of Commencement) bears to twelve. The
same reduction in the amount of the assessment shall apply to the first assess-
ment levied against any-property which is hereafter added to the properties now
subject to assessment at the time other than the beginning of any assessment
period. The due date of any special assessment under Section S hereof shall be
fixed in the resolution authorizing such assessment.
Section 4. Basis and Maximum of Annual Assessments. Except as hereinafter
provided, from the date of commencement of annual assessments until the control
of the Association is turned over to the Class "A" Members as provided in Article
III, Section 3 hereof, the initial annual assessment shall be Four Hundred
1~enty and 00/100 ($420.00) Dollars per Lot for all Class "A" members. Except
as hereinafter provided, all assessments shall be payable from the date determined
by the Board of Directors as provided in Section 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 actual assessment
for any year at a lesser or greater amount.
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