Agenda - 08-27-2012 - C2 - Laserfiche WebLink

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G. Discounted Annual Assessments Prior to Initial Occupancy, The Annual Assessment{but not Specia! Assessments} on any Lots(s) within the Properties owned by a Contract Seller or a Buitder(whether with or without irnprovements, but if#he respective T1ot has impravements, anly if the improvennents are not occupied by the Contract Seller or the Builder) shati be assessed at one-hal€ {1/2} of the Annual Assessment rate. Annual Assessments at the discounted Annual Assessment rate for any such Lot owned by a Coniract Seller or Builder shall begin an the date such C�ntract Seller or Builder shall c[ose an the purchase of such Lot and shall cantinue until the day of the month on which such Contract SelIer or Builder sha11 have sold(transferred title to}such Lak to a homeowner. Each such�:ot owned by a C�ntract Seller or a Builder who owns more than one Lat within the Praperties shall be assessed separately from the other Lots{s)owned by such Contract Seller or Builder. H. �ecial Assessment for C�itai Impravements. Upon the affumative vote of the Ctass B Member{for so long as Declarant shall own any"Declarant's Property"}and a majority of the Class A Members vating "r�ci person or by proxy at a meeting called for such purpose, written notice of which shall be given to all Members at least thirty{3�}days in advance setting forth the purpose af such meeting,the Association may levy,in addition to the Annual Assessments hereinabave described, one or more Special Assessments in any calendar year applicable to that year only, for the purpose of defraying in whole ar in part the costs of construction, reconshvetion, repair flr repIacement of a capitai improvement upon the Catnmon Areas, � inctuding but not limited to, necessary fixtures and personal property related thereto. Any such Special Assessment shall be tevied equally on the Lots o�med by Owners other than the Declarant. Declarant shaIl not be required to pay any Speciat 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 flf the Association. Each Ov�mer, � 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 ta the enforcement of the assessments in the tnanner herein specified. If any Annual Assessment or Special Assessment owned by an Owner shall not be paid within ten{l�)days next immediately following the due daEe for such assessment, such rfelinquent 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 paytnent equat to tlie • higixest rate of interest per annum by law alIowed on such delinquent amonnt. Should any Owr�er's check for any assessment be returned by such"C�wneP's financial instifution 6ecause of insuffcient funds in sueh Owner's account,then in such event,such Owner shall pay to the . � Association an administrative fee in the sum of$25.04 for each such eheck returned, said administrative fee to be in addition to any assessment and accrued interest due from such Owner ta the Assaciation. In the event the Association employs attorneys for collection of ' any assessment against an Owner,whether by suit ar atherwise,or to enforce compliance with or speeific performanee of the terms and conditions of the Declaration by an Owner, each � such{.�wner agrees ta pay interest an all deiinquent amounts from the date of the delinquency through the date of payment equal to the highest rate of interest per annucn by law allowed on such arnount, together with reasonable attomey's fees and cost therehy incurred, as well as, any other amounts due and any other relief or remedy obtained against said Owner,including reasonable attarney's fees and court costs and expenses incurred thereby. No Owner may waive or otherwise escape liability for the assessnnents provided for herein by non-use of the Comman Areas or by abandanment of hisiher Lat. In the event of a default in payment af any such assessment when due, the assessment shali be deemed delinquent if not paid withiri ten {1{l} days, and, in addition to any other remedies herein or by Iaw provided, the Association may{i}prohibit the Owner,the membars of the Owner's famiIy and any quests or any tenants of the �wner from using any Comman Aseas, and {ii) enforce each such obtigation in any manner provided by law or in equity; specifically including but not limited to, any of the following: � 1. Enfarcement bv Suit. The Board af Direcxors may cause a suit at law to ba commenced and maintained in the name of the Association against an Owner ta 12