07-10-1989 Council Packet - Laserfiche WebLink

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Each Assessment, 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 Assessment fell due. The personal obligation for delinquent Assessments shall not pass to his successors in title unless expressly assumed by them. The sale of a Lot shall not operate to discharge the seller's personal liability. Section 3. Annual Assessments. (a) The Association shall levy "Annual Assessments" to defray those costs of tne Association that occur annually or more frequently, including without limitation: taxes, insurance, bonds, operations, maintenance and minor repairs. The Board of Directors of the Association may fix the Annual Assessment in an amount determined by it to be necessary or desirable to pay such expenses for one year at a time. (b) Annual Assessments shall be due as to all Lots on the 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 Assessments. (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 into the Emergency Fund shall not be considered advance payments of Annual Assessments. (b) The Emergency Fund shall be established by "E^mergency Fund Assessments." Each Lot's share of the Emergency Fund shall be collected from the Owner at the closing of the sale of the Lot from the Declarant to the Owner. Within one year after the closing of the sale of the first Lot, the Declarant shall pay each unsold Lot's share of the Emergency ^nd to the Association. The Declarant shall be reimbursed for this payment from funds collectedi' from the various Lot Owne’-s at the closings of the sale of the Lots from the Declarant to the Owners. - 10 -