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Article 12 is hereby deleted and in lieu thereof the
followin~ Article 12 is inserted. See Article 12 of the
Declaration for the original text of these provisions.
12. ASSESS~iTS
A. PROVISIONS APPLICABLE ONLY TO IINITS NOT COMMITTED TO
THE TIME SHARING PLAN AND IINIT WEEKS IN FIXED WEER PLAN:
1. Assessments for (a) an Owner's proportionate
share of common expenses as to IInits not committed to the
Time Sharing Plan, and (b) an Owner~s proportionate share of
common expenses and unit week maintenance expenses ("Vacation
Owner Association Dues") as to Unit Weeks in IInits committed
to the Fixed Week Plan of the Time Sharing Plan, shall
constitute a personal obligation of said individual Owner and
shall be collectible as provided herein. Any such
assessments, unpaid more than ten (10) days after due date
shall bear interest from due date until paid at the rate of
eighteen percent (18~) per annum or auch other amount as may
from time to time be set by the Association; p:.ovided,
' however, that the rate charged pursuant hereto sha11 not
; exceed the maximum rate allowed by law, if any. The entire
i annual amount for Vacation Owner Association Dues with regard
to a Unit Week shall be due not less than ninety (90) days
! prior to use, exchange, rental or the beginning of such IInit
~ Week or at such other time or in such installments as may be
~ required by a rule promulgated by the Board of Directors.
~ Failure of a Unit Week Owner to pay in accordance with the
~ provisions hereof shall cause the Unit Week Owner to be
considered delinquent in payment. The assessment for a Unit
; not committed to the Time Sharing Plan shall be paid in such
~ installments and at such times as may be determined by the
~
~ Board of Directors.
E
~ B. PROVISIONS APPLICABLE ONLY TO UNIT WEEKS IN FLOATING
~ USE PLAN:
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1. Assessments for an Owner's proportionate share
of common expenses and unit week maintenance expenses
("Vacation Owner Association Dues"), and other expenses
solely attributable to the Floating IIse Plan, shall
constitute a personal obligation of said individual Owner and
shall be collectible as provided herein. Any such
~ assessments, unpaid more than ten (10) days after due date
~ shall bear interest from due date until paid at the rate of
~ eighteen percent (18~) per annum or such other amount as may
~ from time to time be set by the Association; provided,
~ however, that the rate charged pursuant hereto shall not
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