Agenda 06-04-2019 6-a - Major Subdivision Preliminary Plat Application

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29 when and to the extent expressly provided in this Declaration. Until the date of termination of the Class B Membership as provided in Section 7.02, any such Special Assessment shall be in a ratio of 5:1 for Lots owned by Class the B Member and Class A Members respectively. Section 8.05 Notice and Quorum for any Action Authorized Under Sections 8.03 and 8.04. Written notice of any meeting of the Members required by Section 8.03 or Section 8.04 (other than a regularly scheduled annual meeting) shall be sent to all Members not less than ten (10) days nor more than sixty (60) days in advance of the meeting. At the first such meeting called, the presence of Members and/or of proxies entitled to cast not less than ten percent(10%) of all the votes in the Association shall constitute a quorum. If the required quorum is not present, another meeting may be called subject to the same notice requirement, and the required quorum at the subsequent meeting shall be the Members present in person or by proxy entitled to votes. No such subsequent meeting shall be held more than sixty (60) days following the preceding meeting. Section 8.06 Uniform Rate of Assessment. Unless otherwise expressly provided in this Declaration, Assessments shall be fixed at a uniform rate for all Lots. Assessments may be collected on an annual, monthly, quarterly or other basis as determined by the Board of Directors. Section 8.07 Commencement of Annual Assessments; Due Dates; Certificate of Payment. The amount of the initial Annual Assessment for each Lot for the calendar year in which this Declaration is recorded in the office of the Register of Deeds of Orange County, North Carolina shall be The Annual Assessment shall be levied against each Lot at such time as (a) the construction of a residential dwelling on such Lot is substantially complete and a certificate of occupancy for the residential building has been issued by the appropriate governmental authority; (b) such Lot and the residential building thereon have been sold to any Person(s) other than the builder or Declarant; and (c) the deed conveying such Lot and the residential building thereon to such Person(s) has been recorded in the office of the Register of Deeds of Orange County, North Carolina. Upon the initial sale of a Lot and the residential building thereon as provided above,the purchaser(s)of such Lot and the residential dwelling thereon shall pay to the Association, at closing,the Annual Assessment for the calendar year in which the closing occurs, prorated as of the date of closing. Not later than the last day of each calendar year, commencing with the calendar year in which the first closing of the sale of any Lot and the residential building thereon as provided above occurs, Declarant shall pay to the Association the Annual Assessment for each Lot owned by Declarant or any builder at any time during such calendar year, prorated if and as appropriate consistent with the foregoing provisions of this Section. Unless Declarant during the Period of Declarant Control or, thereafter, the Board of Directors, shall specify some other frequency or schedule of payment, the Annual Assessment levied against each Lot which has been sold to any Person(s) other than a builder or Declarant as provided in(a), (b) and(c)above,shall be due and payable in full on the first day of each calendar year after the calendar year in which such sale occurred. The amount of the Annual Assessment due and payable on the first day of each such calendar year shall be as set forth and established pursuant to this Article. The Association shall, upon written request from any Owner, and for a reasonable charge, furnish a certificate to such Owner signed by an officer of the Association setting forth whether the Assessments on such Owner's Lot have been paid. A properly executed certificate 19