HomeMy WebLinkAbout1232(a) From and after January 1 0£ the year imanediaCely
following the conveyance of the first Parcel to an Owner, the
maximum annual assessment may be increased each year not
more than 3yo above the maximum assessmenC for the previous
year without a vote of the membership.
(b) From and after January 1 of the year imanediately
following the conveyance of the first Parcel to an (~mer, the
maximum annual assessment may be increased above 3% by a vote
of two-thirds (2/3) of each class of inembers who are votinp,
in person or by proxy, at a meeting duly called for this
purpose. _
(c) The Board of Directors may fix the annua~
assessment at an amount not in excess of the maximum.
Section 4. S~ ecial Assessments for Ca ~ital Im ~rovements.
In addition to the annual assessments authorized above. tl'-e
Association may levy, i.n any assessment year, a special assessment
applicable to that year only for the purpose of defraying,
in whole or in part, the cost of any construction, reconstruction.
repair or replacement of a capital improvement upon the Common
Area or the Association's maintenance obligations herein,
including fixtures and personal property related thereto, nrovided
that any such assessment shall have the assent of two-thirds (2/3) of
the votes of each class of inembers who are voting in person or by
proxy at a meeting duly called for this purpose.
Section 5. Notice and Quorum for Any Action Authorized
Under Sections 3 and 4. Written notice of any meeting ca~led
for the purpose ot taking any action authorized under Section 3
or 4 shall be sent to all members not less than 30 days nor
more than 60 days in advance of the meeting. At the first such
meeting called, the presence of inembers or of proxies entitled
to cast sixty percent (60%) of all the votes of each class
~• of inembership shall constitute a auorum.- If the required
quorum is not present, another meeting may be called subject
to the same notice requirement, and the required_quorum~at-
the subsequent meeting shall be one-half (1/2) of the required
quorum at the preceding meeting. No such subsequent meeting
shall be held more than 60 days following the precedin~ meeting.
Section 6. Uniform Rate of Assessment. Both
annual and special assessments must be fixed at a uniform
rate for all Parcels and may be collected on a monthly basis.
Section 7. Date of Cotmnencement of Annual Assessments:
Due Dates. The annual assessments provicled for herein shall
commence as to all Parcels on the first day of the month follow-
ing the conveyance of the Common Area. The first annual
assessment shall be adjusted according Co the number of
months remaining in the calendar year. The Board of Directors
shall fix the amount of the annual assessment a~ainst each
Parcel at least thirCy (30) days in advance of each annual
assessment period. Written notice of the annual assessment
shall be sent to every Owner subject thereto. The due dates
shall be established by the Board of Directors. The Association
shall, upon demand, and for a reasonable charge, furnish
a certificate signed by an officer of the Association setting
forth whether-the assessments on a specified Parcel have been
paid.
Section 8. Effect of Nonpayment of Assessments: Remedies
of the Association. Any assessment not paid within Chirty (30)
days after the due date shall bear interest from the due date
at the rate of 6 percent per annum. The Association may
bring an action at law against Che Owner personally obligated to
pay the same, or foreclose the lien against the property. No
Owner may waive or otherwise escape liability for the assessments
provided for herein by non-use~of the Comomon Area or abandonment
of his Parcel.
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