4-3-24 PB Agenda Packet - Laserfiche WebLink

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89 considering the budget except on petition of the Members as provided for special meetings in the Bylaws. Any such petition must be presented to the Board of Directors within ten (10) days after delivery of the budget and notice of the Annual Assessment. If any proposed budget is disapproved or the Board of Directors fails for any reason to determine the budget for any year,then the budget most recently in effect shall continue in effect until a new budget is determined. The Board of Directors may revise the budget and adjust the Annual Assessment from time to time during any calendar year, subject to the notice requirements and the right of the Members to disapprove the revised budget as set forth above. The Board of Directors is hereby authorized to levy an Annual Assessment equally against all Lots to fund Common Expenses and to establish and set the frequency or schedule of payment of any Annual Assessment(i.e.monthly,quarterly or annually). Section 8.04 Special Assessments. In addition to Annual Assessments, the Board of Directors may levy,in any calendar year,a Special Assessment applicable to that calendar year only for the purpose of defraying,in whole or in part,the cost of any construction,reconstruction,repair or replacement of a capital improvement owned by the Association; provided,however,that any such Special Assessment shall require the affirmative vote of not less than two-thirds (2/3) of the Members of each appropriate and affected class of Members who are voting in person or by proxy at a meeting of the Members duly called for such purpose. The Board of Directors shall also have the power,right and authority to make and levy a Special Assessment on behalf of the Association against any Lot or Lots (and/or the Owner(s) thereof) 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 Ouorum 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 One Thousand Five Hundred and No/100 Dollars ($1,500.00). 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 Deed of Orange County. 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 14