Agenda - 08-27-2012 - C1 - Laserfiche WebLink

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assessments within fifteen (15) days of receipt of the bill from the Association. The cost to repair individual pumps,septic tanks and individual waste water disposal fields which service a particular Lot shall be the exclusive responsibility of the individual homeowner of such Lot. Repairs to the lines within the Septic Force Main Area will be the responsibility of the Association; provided, however, that any Lot owner who himself or through his agents damages the sewer lines in the Sewer Force Main Area shall be responsible for the cost of repairing such damages. D. Capital Contribution. The purchaser of each Lot in the Subdivision(excluding Lot 21), shall pay to the Association at the closing of the purchase of such Lot the sum of Two Hundred and Fifty and No/100 Dollars ($250.00) per Lot purchased, said sum to be deposited by the Association in its bank account for use as working capital for the Association. This initial capital contribution of Two Hundred and Fifty and No/100 Dollars($250.00)per Lot shall be deemed an assessment pursuant to the terms and provisions of this Article VII and shall be a charge upon the Lot and a continuing lien upon the Lot until paid and shall be enforceable as an assessment pursuant to the terms and provisions of this Article VII. E. Basis of Annual Assessment. 1. The Annual Assessments shall be based upon the cash requirements, as the Board of Directors shall from time to time determine,necessary to provide for the payment of all estimated expenses arising out of or connected with the purposes of the assessments as stated in Paragraph B of this Article. 2. The maximum Annual Assessment for any Lot shall be One thousand and No/l00 Dollars($1,000.00)per year. This maximum assessment is in addition to the annual assessment for the OFF LOT SEPTIC AREAS contained in Article VII, Paragraph C. The maximum maybe changed as follows: a. The maximum Annual Assessment may be increased each calendar year by not more than ten percent (10%) above the maximum Annual Assessment for the previous year without a vote of the Membership. b. The Board of Directors may, from time to time, fix the Annual Assessment at any amount less than or equal to the maximum without a vote of the Membership. c. A majority of the votes cast by the Members(Class A Members and Class B Members) voting in person or by proxy on such matters at a meeting called for such purpose, written notice of which shall be given to all Members at least thirty(30) days in advance setting forth the purpose of the meeting, shall be required to increase the maximum Annual Assessment for any one year more than the percentage set forth in subparagraph a above. For so long as the Declarant shall own any "Declarant's Property", no such increase in the maximum Annual Assessment by the Membership shall be effective unless and until Declarant shall have given written consent thereto. The Members shall have no power to require Declarant to pay any Annual Assessment as to any Lot or Lots owned by Declarant for so long as Declarant shall own any"Declarant's Property". F. Date of Commencement of Annual Assessments.. Annual Assessments shall be imposed on the Lots owned by Owners other than Declarant and Lot 21 from and after December 31, 2007 and shall be paid by the Owners and collected by the Association in advance each year. Annual Assessments shall be paid, and collected annually, on or before March 15 of each year. Subject to the provisions of Paragraph E below,Annual Assessment for a Lot owned by an Owner other than a Contract Seller or Builder, shall commence beginning on the first day next immediately following the date upon which such Owner shall have closed (shall have taken title to)upon the purchase of such Lot,prorated for any portion of the year remaining. 11