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

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G. Discounted Annual Assessments Prior to Initial Occupancy. The Annual Assessment(but not Special Assessments) on any Lots(s) within the Properties owned by a Contract Seller or a Builder(whether with or without improvements, but if the respective Lot has improvements, only if the improvements are not occupied by the Contract Seller or the Builder) shall be assessed at one-half (1/2) of the Annual Assessment rate. Annual Assessments at the discounted Annual Assessment rate for any such Lot owned by a Contract Seller or Builder shall begin on the date such Contract Seller or Builder shall close on the purchase of such Lot and shall continue until the day of the month on which such Contract Seller or Builder shall have sold(transferred title to)such Lot to a homeowner. Each such Lot owned by a Contract Seller or a Builder who owns more than one Lot within the Properties shall be assessed separately from the other Lots(s)owned by such Contract Seller or Builder. H. Special Assessment for Capital Improvements. Upon the affirmative vote of the Class B Member(for so long as Declarant shall own any"Declarant's Property")and a majority of the Class A Members voting in person or by proxy 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 such meeting,the Association may levy,in addition to the Annual Assessments hereinabove described, one or more Special Assessments in any calendar year applicable to that year only, for the purpose of defraying in whole or in part the costs of construction, reconstruction, repair or replacement of a capital improvement upon the Common Areas, including but not limited to, necessary fixtures and personal property related thereto. Any such Special Assessment shall be levied equally on the Lots owned by Owners other than the Declarant. Declarant shall not be required to pay any Special Assessments. Any Special Assessment so levied shall be payable in accordance with the terms set forth in the motion approving such Special Assessment. • I. The Effect-of Non-Payment of Assessments: Remedies of the Association. Each Owner, other than Declarant, shall be deemed to covenant and agree to pay to the Association the assessments (both Annual Assessments and Special Assessment) provided for in the Declaration, and each agrees to the enforcement of the assessments in the manner herein specified. If any Annual Assessment or Special Assessment owned by an Owner shall not be paid within ten(10) days next immediately following the due date for such assessment, such delinquent Owner shall pay to the Association interest on the delinquent amount from the date of delinquency (the due date of the assessment) through the date of payment equal to the • highest rate of interest per annum by law allowed on such delinquent amount. Should any Owner's check for any assessment be returned by such Owner's financial institution because of insufficient funds in such Owner's account,then in such event,such Owner shall pay to the Association an administrative fee in the sum of$25.00 for each such check returned, said administrative fee to be in addition to any assessment and accrued interest due from such Owner to the Association. In the event the Association employs attorneys for collection of any assessment against an Owner,whether by suit or otherwise,or to enforce compliance with or specific performance of the terms and conditions of the Declaration by an Owner, each such Owner agrees to pay interest on all delinquent amounts from the date of the delinquency through the date of payment equal to the highest rate of interest per annum by law allowed on such amount, together with reasonable attorney's fees and cost thereby incurred, as well as, any other amounts due and any other relief or remedy obtained against said Owner,including reasonable attorney's fees and court costs and expenses incurred thereby. No Owner may waive or otherwise escape liability for the assessments provided for herein by non-use of the Common Areas or by abandonment of his/her Lot. In the event of a default in payment of any such assessment when due, the assessment shall be deemed delinquent if not paid within ten (10) days, and, in addition to any other remedies herein or by law provided, the Association may(i)prohibit the Owner,the members of the Owner's family and any quests or any tenants of the Owner from using any Common Areas, and (ii) enforce each such obligation in any manner provided by iaw or in equity, specifically including but not limited to, any of the following: 1. Enforcement by Suit. The Board of Directors may cause a suit at law to be commenced and maintained in the name of the Association against an Owner to 12