Orange County NC Website
Browse       Search
42 <br />equal to the percentage increase in the consumer price index, whichever is greater, without <br />a vote of the membership. The maximum annual assessment may be increased by more <br />than this amount only by a vote of two-thirds (2/3) of the members who are voting in <br />person or by proxy at a meeting duly called for this purpose. <br />(b) The Board of Directors may fix the annual assessment at an amount not in <br />excess of the maximum. <br />Section & �®! !►�+ in addition to the annual assessments authorized above, the <br />Association may levy, in any assessment year, (a) a special assessment applicable to that year only <br />for the purpow of deftaying, in whole or part, the cost of any construction, reconstnwdon, repair <br />or replacement-of a capital improvement, including fixtures and personal property related <br />da any such assessment shall have the assent of two-thirds (Z/3) of the votes of the members who <br />are voting in person or by prmcy at a meeting duly called for this purpose, (b) a special assessment <br />for the maintenance and preservation of the Open Space Area as provided in Article 11, Section <br />3 of this Declaration and (c) a special assessment for the maintenance and repair of all aspects of <br />the septic systems and septic system easements for Lots No. 1 and 2 in the event that the <br />Association is called upon to perform this maintenance and repair as provided in Article II, <br />Section 3 and Article VI, Section 3 of this Declaration and (c) a special assessment for the <br />main III anoe and preservation of the Buffer Area as provided in Article VII, Section 2(h) of this <br />Declaration.. <br />Section Si Notice and QU=m for Any Action Authorized Under Section 3 and 4; Written <br />notice of any meeting called for the purpose of taking any action authorized under Section 3 or <br />4 shall be sent to all members not less than 30 days nor more than 60 days in advance of the <br />meeting. At the first such meeting called, the presence of members or of proxies entitled to cast <br />sixty -six and two - thirds percent (66 2/3 %) of all votes shall constitute a quorum. If the required <br />quorum is not present, another meeting may be called subject to the same notice requirement, and <br />the required quorum at the subsequent meeting shall be one -half (1/2) of the required quorum at <br />the preceding meeting. No such subsequent meeting shall be held more than sixty (60) days <br />following the preceding meeting. <br />won & Uniform Rate of A=m= Both annual and special assessments must be fixed <br />at a uniform ratio for all Lots and may be collected on a monthly basis and/or on an annual basis. <br />Section 11 Data of Commencement of Annual Aisessments; ]due Dates. The annual <br />assessments provided for herein shall commence as to all Lots on the date of recordation of the <br />deed from the Declarant to the Owner and shall be prorated accordingly for the remainder of the <br />calendar year. Ma -Board of Directors shall fix the amount of the annual amt against each <br />Lot at least thirty (30) days in advance of each annual assessment period. Written notice of the <br />annual assessment shall be sent to every Owner subject therm. The due data shall be established <br />by the Board of Diraxors. The Association shall, upon demand, and for a reasonable charge, <br />furnish a certificane signed by an officer of the Association setting forth whether the assessments <br />—5— <br />