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HomeMy WebLinkAbout2982 ! Until control of the Association is delivered to the Class "A" Members, as provided in Article III, Section 2 hereof, the Developer shall pay the difference in cost betveen the amounts collected from the Class "A" Members and the actual cost of maintenance. Thereafter, the Developer shall be obligated to pay the same assessments paid by other Class "A" Members but shall not guarantee any deficiencies. From and after the date of such "turn over" the annual assessment may be adjusted by vote of the membership, as hereinafter provided, for the next succeeding year and at the end of each such period of one year for each succeeding period of one year, or, at_the discretion of the Board of Directors, the annual assessment may be increased annually provided, however, that such increase shall not be in excess of lOX above the assessment for the previous year. Section 5. Special Assessment for Ca~ital Im~rovements. In addition to the annual assessments referred to in this Article, the Association may levy i~ any assessment year a special assessment, applicable to the time required for payment, for the purpose of defraying, in whole or in part, the cost of any construction or reconstruction, unexpected repair or replacement of a described capital improvement upon the Co~on Properties, including the necessary fixtures and personal property related thereto, provided that any such assessmen~ shall have the assent of two-thirds (2/3) of the votes of each class of Members who are voting in person or by proxy at a meeting duly called for this purpose, written notice of which shall be sent to all Members at least thirty (30) days in advance and shall set forth the purpose of the meeting. Section 6. Chan~;e in Basis and Maximtim of Annual Assessments. Subject to the limitations of Section 4 hereof, and for the periods therein specified, the Association may change the maximum and basis of the assessments fixed by Section 4 hereof prospectively for any such period provided that any such change shall have the assent of two-thirds (2/3) of the votes of each class of Members, who are voting in prson or proxy, at a meeting duly called for this purpose. Written notice shall be sent to all Members at least thirty (30) days in advance and shall set forth the purpose of the meeting, provided further that the limitations of Section 4 hereof shall not apply to any change in the maximum and basis of the assessments undertaken as an incident to a merger or consolidation in which the Association is authorized to participate under its Articles of Incorporation and under Article II, Section 3 hereof. -11- B(;OK346 Pd~E2977'