Agenda - 03-16-1999 - 9f - Laserfiche WebLink

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41 Cla» A: Class A members shall be all Owners, excepting Declarant, each of whom shall be entid+ed to one vote for each Lot owned. When more than one person holds an interest in any Lot, all such persons shall be members; subject, however, to the provision that only one vote may be cast per Lot. Class B: The Class B member shall be the Declarant who shall be entitled to three (3) votes for each Lot owned. The Class B membership shall cease and be converted to Class A membership on the happening of either of the following events, whichever occurs earlier: (a) When the trial voles outstanding in the Class A membership equals the total votes outstanding in the Class B membership; or (b) on December 31, 2004. ARTICLE IV COVENANT FOR h(AINTENANCE ASSESS11dENTS Section L' Creation of the Lien and Personal Obligation of Assessments: Each Owner of a Lot, by acceptance of a deed, whether or not it shall be so cqx=sed in such deed, 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 established and collected as hereinafter provided. The annual and special assessments, together with interest, costs and reasonable attorney's fees, 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 interest, costs, and reasonable attorney's fees, shall also be the personal obligation of the person who was the Owner of such properly at the time when the assessment fell due. The personal obligation for all other .delinquent assessments shall not pass to his successors in title unless expressly assumed by them. Declarant shall not be liable for •aiay annual assessments or special assessments for any lots owned by Declarant. Section 2: nz= The assessments levied by the Association shall be used solely to promote the recreation, health, safety, and welfare of the residents in the PROPERTY, to purchase insurance policies as herein stipulated and for the improvement and maintenance of the Open Space Area. saction 3: Maximum Annual Ae C&,U=t Until January 1, 19999 the maximum annual amt shall not exceed Five Hundred Forty and No/ 100 Dollars ($540.00) per Lot, payable at the rate of One Hundred Thirty Five and N61100 Dollars ($135.00) per quarter or other installnuats as established in the discretion of the Board of Directors of the Association. (a)' . From and after January 1, 1999, the maximum annual assessment may be increased each year out more than 10% above the prior year's a&v=mt or in an amount —4—