The assessments levied by the Association shall be used exclusively to promote the recreation, health, safety, and welfare of the residents of the Properties and for the improvement and maintenance of the Common Area, including entrance markers and any other improvements situated upon the Properties. (1)
From and after January 1 of the year immediately following the conveyance of the first lot to the Owner by the Declarant, and for 10 years thereafter (2006), assessments for improved lots may be increased effective January 1 of each year without a vote of the membership by the Board of Directors of the Association not to more than $100 annum. (1)
After said 10 year period the assessment may be increased to more than $100 provided that any such change shall have the assent of 51% of the votes of the members who are voting in person or by proxy, at a general membership meeting duly called for this purpose, written notice of which shall be sent to all members not less than 5 days nor more than 40 days in advance of the meeting setting forth the purpose of the meeting. (1)
The Board of Directors of the Association at any time may fix the annual assessment for each improved lot at an amount not in excess of the maximum. (1)
Written notice of the annual assessment shall be sent to every Owner subject thereto. (1)
Any assessment not paid within 30 days after the due date shall bear interest from the due date at the then legal rate from the assessment date until paid. (1)
The Association may bring an action at law against the Owner personally obligated to pay the same, or foreclose the lien against the property. (1)
No owner may waive or otherwise escape liability for the assessments provided for herein by non-use of the Common Area or abandonment of his lot. (1)
The lien of assessments provided herein shall be subordinate to the lien of any first mortgage. (1)
Sale or transfer of any lot shall not affect the assessment lien. (1)
Special Dues / Assessments
In addition to the annual assessments authorize 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 part, the cost of any construction, reconstruction, repair or replacement of a capital improvement upon the Common Area, including fixtures and personal property related thereto, provided that any such assessment shall have the assent of 51% of the votes 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 5 days nor more than 40 days in advance of the meeting setting forth the purpose of the meeting. (1)