Assessments

Why do we pay annual dues? Dues are required, as a part of the covenants.

ARTICLE VI


COVENANT FOR MAINTENANCE ASSESSMENTS


Amended Declaration of Covenants and Restrictions

Section I. Creation of the Lien and Personal Obligation of Assessments. The Developer, for each lot, owned within the properties, hereby covenants, and each owner of any lot by acceptance of a deed therefor, whether or not it shall be so expressed in such deed or any other conveyance, is deemed to covenant and agree to pay to the Association: (1) annual assessments or charges, and (2) special assessments for capital improvements, such assessments to be fixed, established, and collected from time to time as hereinafter provided. This annual and special assessments, together with such interest thereon and costs of collection thereof, as hereinafter provided, shall be a charge on the land, and shall be a continuing lien upon the property against which each such assessment is made. Each such assessment, together with such interest, costs and reasonable attorney’s fees shall also be the personal obligation of the person who was the owner of such property at the time when the assessment fell due. The personal obligation shall not pass to his successors in title unless expressly assumed by them.


Section 2. Purpose of Assessments. The assessments levied by the Association shall be used exclusively for the purpose of promoting the recreation, health, safety, and welfare of the residents in the properties, services and facilities devoted to this purpose and related to the use and enjoyment of the common area, the Access Corridors and of the homes situated upon the properties.


Section 3. Basis and Maximum of Annual Assessments. All of the property described above shall be subject to an annual charge in such an amount as will be fixed by the Board of Directors, not, however, exceeding in any year the sum of $00.005 per square foot of total lot area for Class A members, and $00.0075 per square foot of total lot area for Class B members. The property owners shall pay said charge to Edgewood West Park Association, its successors and assigns, on the 1st day of January in each and every year, and said charge shall on said day in each year become a lien on the land and shall continue to be such a lien until fully paid. Except, however, acreage or lots other than Class B corridor lots without a residence erected thereon shall be subject to an annual assessment of 50% of the assessment made on improved lots. The current annual assessment shall be prorated for the year of improvement and shall be limited to the full months of the completed residence in said first year.


After consideration of the current maintenance costs and future needs of the Association, the Board of Directors may fix the annual assessment at an amount not in excess of the maximum. Maintenance costs of the access corridors, which shall be an obligation of the Association, shall be charged pro-rata among all Class B Members only.


Section 4. Special Assessments for Capital Improvements. In addition to the annual assessments authorized above, the Association 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 or reconstruction, unexpected repair or replacement of a described capital improvement upon the common area, including the necessary fixtures and personal property related thereto, provided that any such assessment shall have the assent of a majority 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 not less than five days nor more than fifteen days in advance of the meeting setting forth the purpose of the meeting.


Section 5. Uniform Rate of Assessment. Both annual and special assessments must be fixed at a uniform rate for each class of members and may be collected on a monthly basis. Annual and special assessments on any multiple family development subject to this or later declarations shall be based on the number of living units in such multiple family development, each such living unit being considered one lot.


Section 6. Quorum for any Action Authorized Under Section 3 and 4. At the first meeting called, the presence at the meeting of members or of proxies entitled to cast sixty per cent (60%) of all the votes of each class of membership shall constitute a quorum. If the required quorum is not forthcoming at any meeting, another meeting may be called, subject to the notice of requirement set forth in section 4, and the required quorum at any such 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 sixty (60) days following the preceding meeting.


Section 7. Date of Commencement of Annual Assessments: Due Dates. The annual assessments provided for herein shall commence as to all lots on the first day of the month following the conveyance of the Common Area. The first annual assessment shall be adjusted according to the number of months remaining in the calendar year. The Board of Directors shall fix the amount of the annual assessment against each Lot at least thirty (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 at any time furnish a certificate in writing signed by an Officer of the Association setting forth whether the assessments on a specified Lot have been paid. A reasonable charge may be made by the Board for the issuance of these certificates. Such certificate shall be conclusive evidence of payment of any assessment therein stated to have been paid.
Subpages (1): Special Assessments
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