Agenda - 06-11-1985 - Laserfiche WebLink

Browse Search

ment and maintenance of the Common Area and of the homes situa- ted upon the properties. Section Three. Reserves. The Association shall establish and maintain an adequate fund for the periodic mainte- nance, repair and replacement of improvements to, the common areas and those other portions of the Properties which the Association may be obligated to maintain. Such reserve fund is to be established out of regular assessments for common expense. Section Four. Maximum Annual Assessment. Until January 1 of the year immediately following the conveyance of the first Lot to an Owner, the maximum annual assessment shall be Fifty and No/100 Dollars ($50.00) per Lot. (a) From and after January 1 of the year immedi- ately following the conveyance of the first Lot to an Owner, the maximum annual assessment may be increased effective January 1 each year without a vote of member- ship by up to ten percent (10%) of the previous year's assessment. (b) From and after January 1 of the year immedi- ately following the conveyance of the first Lot to an Owner, the maximum annual assessment may be increased above the increase permitted in Section Four(a) above by a vote of two-thirds (2/3) of each class of Members who are voting in person or by proxy, at a meeting duly called for this purpose, written notice of which shall be sent to all Members not less than thirty (30) days nor more than sixty (60) days in advance of the meeting setting forth the purpose of the meeting. The limitations hereof shall not apply to any change in the maximum and basis of the assessments undertaken as an incident to a, merger or consolidation in which the Association is authorized to participate under its Articles of Incorporation. (c) The Board of Directors may fix the annual assessment at an amount not in excess of the maximum. -6-