Orange County NC Website
Browse       Search
Section Five. Special Assessments for Capital Improve- <br /> ments. In addition to the annual assessments authorized above, <br /> the Association may levy, in any assessment year, a special <br /> assessment applicable to that year only for the purpose of <br /> defraying, in whole or in part, the cost of any construction, <br /> reconstruction, repair or replacement of a' capital improvement <br /> upon the Common Area, and in connection with exterior mainte- <br /> nance, including fixtures and personal property related thereto, <br /> provided that any such assessment shall have the assent of <br /> two-thirds (2/3) of the votes of each class of Members who are <br /> voting in person or by proxy at a meeting duly called for this <br /> purpose. <br /> Section Six. Notice and Quorum for Any Action Author- <br /> ized Under Sections Four and Five. Written notice of any meet- <br /> , <br /> ing called for the purpose of taking any action authorized under <br /> Sections Four or Five shall be sent to all Members not less than <br /> thirty (30) days nor more than sixty (60) days in advance of the <br /> meeting. At the first such meeting called, the presence of <br /> Members or of proxies entitled to cast sixty percent (60%) of <br /> all the votes of each class of membership shall constitute a <br /> quorum. If the required quorum is not present, another meeting <br /> may be called subject to the same notice requirement, and the <br /> required quorum at the subsequent meeting shall be one-half (1/2) <br /> of the required quorum at the preceding meeting. No such subse- <br /> quent meeting shall be held more than sixty (60) days following <br /> the preceding meeting. <br /> Section Seven. Uniform Rate of Assessment. Both <br /> annual and special assessments shall, except as herein otherwise <br /> specifically provided, be fixed at a uniform rate for all Lots <br /> and shall be collected on a monthly basis. Provided, however, <br /> that the assessment for Lots owned by Declarant which are not <br /> occupied as a residence may be a lesser amount as fixed by the <br /> Board of Directors of the Association, but shall not be less <br /> than twenty-five percent (25%) of the regular assessments for <br /> other Lots. <br /> -7- <br />