Agenda - 04-20-2018 6-a - Major Subdivision Preliminary Plat Application

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Page 9 of 51 assessment will be in default and the amount thereof become a lien upon said Owner's Lot as provided herein and will continue to be such lien until fully paid. Section 4.2.Purpose of Assessments. The assessments levied by the Association will be used exclusively for the paying of Common Expenses as defined in Article 1, Section 1.3. Section 4.3. Amount of Assessment. (a)Initial Maximum Assessment. To and including January 1, 2019, the maximum monthly assessment for an individual Lot will not exceed $100.00. (b)Increase by Association. From and after January 1, 2019, the monthly assessment imposed by this Association may be increased by the Board of Directors, without a vote of the membership, by a percentage which may not exceed the greater of ten (10%) percent or the percentage increase reflected in the U. S. City Average, Consumer Price Index - United States and selected areas for urban wage earners, and clerical workers, all items most recent index and Percentage changes from selected dates, (published by the U.S. Bureau of Labor Statistics, United States Department of Labor, Washington, D.C.), or such other Index as may succeed the Consumer Price Index, for that twelve-month period ending June September 30, of the previous year. (c)Increase by Members. From and after January 1, 2021, the annual assessment may be increased by a percentage greater than permitted by this Article by an affirmative vote of seventy-five percent (75%) voting interests of each class of Members who are voting in person or by proxy, at a meeting duly called for such purpose. (d)Criteria for Establishing Annual Assessment. In establishing the annual assessment for any assessment year, the Board of Directors will consider all current costs and expenses of the Association, any accrued debts, and reserves for future needs, but it may not 58