05-18-2015 Planning Commission Packet

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8.3 AnnuaI A.ssess�nt. The Association shall fix the ac�unt of annual assessments and the dates and methods of payment. 8.4 Special Assessment for Capital Improvements. Special assessments for the P�'Pose of defraying, ia whole or in part, the cost of any construction, recanstruction, repair or replacement of a capital improvement shall be Ievied only with the assent of th� Owners of a n�jority of the I.ats. 8.5 niform Rate of ssessment. Both annuat and spe�ial assessmcnts shall be fixed at a uniform rate for all Lots, and may be collected on a mont}ity, quarterly or annual basis, as determined from time to time by the Ass�iation. 8.6 Effect of Nonpavment of Assessments. Any assessment not paid within thirty (30} days after the due date shall bear interest�from the due date until paid, at a rat� equal to the lesser of the highest rate permitted by law, or eight p�ercent (896} per annum, The ,�,Ss�iation �Y b�S � �� at law against an Owner who has not timely paid an assessment for which such Owner is.personally obligated (a "Defaulting Owner"), and/or foreclose the lieu against the Lo# owned by the Defaulting Owner, to collect any assessFn�ent owed by the Defaulting Owner. No Owner may waive or othera+ise escape liability for the assessments pmvided for herein by non-use of ttie Commoa Areas or abandonment of a Lot. A suit to recover a�money judgment for unpaid asscssments and expenses hereunder may be maintained without foreclosing or waiving the lien securing the same. 8.7 Liea for Assessments. All sums assessed to a Lot pursuant to this Article VIII, together with interest th�reon and other costs as provided herein, shall be secured by a lien thereon in favor of the Association. Such lien shall be superior to all other liens aad encumbrances on such Lot eXcept only for liens for geaeral and special taxes, and the lien of any 19