HomeMy WebLinkAbout0950 ~ .
!
~
1
i
!
~ •
. ~ ,
~ ~ ,
, ~ 1~
management, maintenance and supervision thereof, as well as for
such other purposes as are perm issable activities of, and under-
taken by, the Association.
Section 3. Members Approval of Annual Assessments: Assess-
ments set by board must be approved by a simple majority of
members of the Association present at the meeting called to
appYOVe such assessments. Provided, however, that such approval
shall not be required so long as the Developer is entitled to
appoint one or moxe members of the Board of Dixectors.
- Section 4. Uniform Rate of Assessment: All regular and
special assessments shall be at a uniform rate for each Got in
Reserve ~reek.
Section 5. Special Assessments for Capital Improvements and
Major Repairs: In addition to any annual assessments, the Board
may levy in 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, recontruction, unexpected
repair or replacement of a capital improvement as approved by the
Board of Directors of the Association, including the necessary
fixtures and'personal property related thereto, provided that any
such assessment shall have the assent of two-thirds (2/3) of the
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
E all members at least thirty (30) days in advance and shall set
E forth the purpose of the meeting. Provided, however, that such
~ approval shall not be required so long as the Developer is
~ entitled to appoint one or more members of the Board of
Directors.
Section 6. Date of Commencement of Annual Assessments; Due
Date: The assessments for which provision is herein made shall
commence on the date or dates (which shall be the first day of a
month) f ixed by the Board of Directors of the Association to be
the date of commencement. The due date of any assessment shall
be payable in advance in monthly, quarterly, semi-annual or
annual installments, as determined by the Board.
Section 7. Duties of the Board of Directors: The Board of I
Directors of the Association shall fix the date of commencement,
and the amount of, the assessment against each Got for each
assessment period at least thirty (30) days in advance of such
~ date or period and shall, at that time, prepare a roster of the
Lo~s and assessements applicable thereto which shall be kept in
the office of the Asociation and shall be open to inspection by
the members of the Association. Written notice of the assessment
shall be sent to every Owner subject thereto not later than seven
(7) days after fixing the date of commencement thereof.
The Association sha11, upon demand at any time, furnish to
any Owner liable for said assessment a certificate in writinq
siqned by an officer of the Association, settinq forth whether
said assessment has been paid. Such certificate shall be
7-17-85 Res Crk gp~~(47•,3 PAGE t7~'J
4
_
r.., _ ,
~ ~-~~~°r ;
- - _ _ _ . - - - _ _ _