10-17-1988 Planning Packet - Laserfiche WebLink

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es of voting rsr with the Ltled to one erson is the trs and each to the per- i Declarantr 3r each Lot )e converted bher of the conveyed of >r is conveyed int. :iation may on, health, Les and for r including nd replace- iqation for Ln the Pro- : by accep- o expressed pay to the s Article; 4 of tbis 5 of this Ls Article; Is Article. '.'v-:i 1.^- m w ks. . r ‘-'iM ► ' y- mm •-V. k,.- :>:44 Such assessments, together with late penalties, interest, costs and reasonable attorneys' fees for the collection thereof and for the foreclosure of the lien thereof, shall be a charge on the Lots and shall be a continuing lien upon the Lots against which each such assessment is made. Each assessment against a Lot, together with late penalties, interest, costs and reasonable attorneys' fees, shall also be the personal obligation of the person who was the Owner of the Lot at the time when the assess ment fell due. The personal obligation for delinquent assess ments shall not pass to his successors in title unless expressly assumed by them. The sale of a Lot shall not operate to dis charge the seller's personal liability. Section 3. Annual Assessments. (a) The Association shall levy "Annual Assessments" to defray those costs of the Association that occur annually or more frequently, including without limitation: taxes, insurance, bonds, operations, maintenance and minor repairs. (b) The Board of Directors of the Association may fix the Annual Assessment m an amount not in excess of the Maximum Annual Assessment determined pursuant to this subsection. Until January 1, 1990, the Maximum Annual Assessment shall Dollars ($_^ ) per Lot. Thereafter the Maximum Annual Assessment may be increased each year not more than 5% above the Maximum Annual Assessment percentage for the previous year or by a percentage not more than the increase in the consumer price index for the Twin Cities Metropolitan Area published by the U.S. Bureau of Labor Statistics, whichever is greater, without a vote of the member ship. The Maximum Annual Assessment may be increased above this rate only by a majority vote of each class of members who are voting in person or by proxy, at a meeting duly called for this purpose. (c) Annual Assessments shall be due as to all Lots on th® first day of the month following the conveyance of the first Lot by the Declarant to any purchaser. The first Annual Assessment may be adjusted according to the number of months remaining in the Association's fiscal year. The Board of Directors shall fix the amount of the Annual Assessment against each Lot at least thirty (30) days in advance of each fiscal year. Written notice of the Annual Assessment shall be sent to every Owner. The due dates shall be established by the Board of Directors and may be no more frequently than monthly and no less frequently than semi-annually. Section 4. Emergency Fund Assessment. (a) The Association shall establish a separate fund to meet unforeseen expenses or emergencies (the "Emergency Fund"). The Emergency Fund shall at all times be equal to two (2) months estimated Annual Assessment for each Lot, but the amounts paid - 8 - r.':' - mm 'i ♦ #■ into t of Ann "Emerg Fund s of the after pay e. Associ funds the sa level replen. Assess! fund ( replace after < improve sewer 1 determi schedu] Sinkir increas is exp Sinkinc quate t may le\ the ext Fund ij wheneve improve "Capita in such but no semiann expecte f