11-28-1988 Council Packet - Laserfiche WebLink

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Such assessments, together with late penalties, interest, costs and reasonable att=rne,,s' fees aCr the t"erecf and fir Lots and shall be a continuing lien upon Lhe against wnicn each such assessment is made. Each assessment against a Lot, attorneys' fees, -shall also be the personal obligation of the L8:5C. W;:0 adS - - :'a : a: :..a _ne -4n�- a3sesa- ment tell due. The personal obligation for delinquent assess- ments shall not pass to his successors in title unless expressly 358:.:"or? '�• t::c':':. _'? 3a13 s� s -..v 3^dam: ...',t ��.@:3:3 L c^a=;e :ne sel-z_ s -�ers';na_ Sectien 3. Annual Assessment:5. (a) The Association snail le,•y "Annual- Assessments" to defray those costs of the Association that occur annuall•i or more frequently, including without limitation: taxes, insurance, bonds, ^oerations, maintenance and minor repair3. (b) The Board of Directors of. the Association may fix the Annual Assessment I.- an amount net excess of the Maximum Annual Assessment determined pursuant to this suosection. Until .:anuar 1, _990, t^e Max_mun Anneal A=sessment shall be Dollars (s ) per :,Cr-. T::eraar _e: :ne Maximum AFT.; _ assessment -av ce increased each year not more than 5% above the Maximum Annual Assessment ce_cer.ta;e fs. -ne pre•. _pus year c_ by a cercentage nc_ 77cre :- a -the increase in the consumer price index for the Twin Cities Ketrooclitan Area published by the U.S. Bureau of Labor Statistics, whichever is greater, without ;1 vote of -ne mericer- ship. The Maximum Annual Assessment may bw increased abcve this rate only by a ma:cri:y vote _ each class c: memz;ers wr.c are voting in person or by proxy, at a meeting duly called f-or tnis purpose. (c) Annual F.ssessments shall be due as to all Lots on the first day cf the month following the conveyance of the first Lot by the Dec:arant to any purchaser. ^!^e :first Annual Assessment may be adusted according tc t-e ...:mcer c' months remaining in the Association's fiscal year. The Board of _rects:3 shall is the ar.•..,un the Ar.-,a_ A s ssme.. a,a:^s' each Lot at lez.st 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 establisr.ed by the Board of rec-ors and may he nc more frequently tian monthly and no less _`re-ue^__j than seen_-ar.nua__.P. Section 4. Emergency Fund Assessment. ( a ) The Asroc:at:on snail *ti:3c _ _:5n a stpafatt :-.:ad t_ ne:- unforeseen exwenses or *meritnc- es -ne "E.-trgenc•, Fund"'). The Emergency ?und snail at all times ov e�:�_ t, t00 ( rcntzs tstimattd An..^.ual AS3/53:-e. fZf taC _ J':- t a11:.-..'3 Z.a�� - 4 -