4.5.23 PB Packet - Final - Laserfiche WebLink

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106 Section 3. Payment of Annual Assessments;Due Dates . Each Owner of a Lot shall pay to the Association Annual Assessments as hereinafter set forth. Annual Assessments provided for herein shall commence as to all Lots shown on a Plat of any Phase of the Property as of the date of the conveyance of the first Lot in such Phase by Declarant to an Owner(other than Declarant)of such Lot. The Annual Assessment for the first year in which a Lot is subject thereto shall be prorated based upon the number of days remaining in the applicable billing period from the date of such conveyance. The Annual Assessment amount for each calendar year shall be in an amount as set by the Board of Directors,in accordance with the terms of this Article V. Annual Assessments shall be due and payable in advance on a yearly basis(or such other basis as is determined by the Board in its discretion)commencing on January 1 of each calendar year. The Board of Directors shall fix the amount of the Annual Assessment as to each Lot for any calendar year at least thirty(30)days prior to January 1 of such calendar year,and the Association shall send written notice of the amount of the Annual Assessment, as well as the amount of the payment due,to each Owner on or before January 5 of such calendar year. To the extent required by North Carolina General Statutes 47F-3-103(c) or other applicable law, such notice shall include notice of a meeting of the Members to consider ratification of the budget, including a statement that the budget may be ratified without a quorum. If such a meeting is required by N.C. General Statutes 4717-3-103(c),or other applicable law,the Board of Directors shall set a date for a meeting of the Members to consider ratification of the budget to be held not less than ten(10)nor more than sixty(60)days after mailing of the summary and notice. If such meeting is required as set forth above,there shall be no requirement that a quorum be present at the meeting. The budget is ratified unless at such meeting Members exercising all of the votes in the Association reject the budget. The failure of the Association to send,or of a Member to receive, such notice shall not relieve any Member of the obligation to pay Annual Assessments. Notwithstanding the foregoing,for calendar years beginning prior to the Turnover Date,in lieu of payment of Annual Assessments, Declarant may elect to pay for each such calendar year that portion of the annual expenses of the Association(excluding any reserves)which exceeds the total amount of the Annual Assessments paid by the Owners other than Declarant. Section 4. Conveyance Pro-rations;Reduced Annual Assessments (a) With respect to any Lot conveyed by Declarant,the purchaser of such Lot shall pay to the Association at closing the amount of the Annual Assessment for the installment period in which the closing occurs on such Lot prorated based upon the number of days remaining in such installment period. With respect to any Lot conveyed by any Owner other than Declarant,the amount of the Annual Assessment applicable to such Lot for the installment period in which such closing occurs shall be prorated between the buyer and seller thereof as of the date of closing of such conveyance. (b) Declarant shall have the authority to reduce the Annual Assessment on any Lot on which no structure has been completed(i.e.,no Certificate of Occupancy has been issued). Section 5. Special Assessments 13