declaration of covenants/conditions/restrictions

Home Browse Search

09/03/2d10 18:02 IFA% EDENPRAIRIEREALTYFAR�CBBURNET.COM � Allison Van Sloo I�005/041 or other services provided through,the Association under Article N,together with the incidental costs of operating the Association. Section 3. �Levy of AnnuaE Assessments. The annual assessment must be fixed at a uniform rate for each lot. The annual assessment shall be due and payable each May 1,be��g�'nning May I, 2000. The annual assessmerrt due May l,2400 shall not �� [�5O .�j . For the followiag years,the annual assessment shall be levied by the Association,based upon a proposed budget. The annuai assessment may be increased, without a vote of the Membership, by the greater of(a)Two Hundred Fifty Dollars($250.00) per Lot; or(b)the percentage increase, if any,over the tweEve-month period preceding the year for which such annual assessment is levied,in the Consumer price Index, all items, published by the Unite� States Departmetrt of Commerce,Bureau of Labor Statistics, for the region including Orono,lVlinnesota. In order to increase the annual assessment more than the maximum amount estabiished in this Section, a vote of fifty percent(50'/0)of the votes of each class of inembership cast by the members present, in person or by proxy at a meeting of the.Association call�d for that purpose shail be necessary. The Board of Direciors of the Association shail fix the amount of the annual assessment in an amount not in excess of the maximum. The annual assessmeM for each year shail be fixed, and written notice provided to each Owner st least thirty(30) days prior to May 1 of the year in which the assessment is due. Failure to provide such notice, however, shall not render the assessment invalid. Annual Assessmevts shall be payable in a single lump-sum payment, unless the Board of Directors of the Association ele�ts otherwise. Section 4. Individual Lot Maintenance Assessments. �r►ihe evcnt that any Owner violates any covenant or fails to perform any condition cantaia�in tlus Declaration, the Association may,but shall not be obiigated in any way to, perform the act, remove the defect or correct the violation upon thirty(30)days written notice to the Qwner, and,as approprsate, pursuant to the procedures contained in Article VI. If the Association so acts on behalf of any Owner, the Association may levy an assessment (hereinafter,"Individual Lot Maintenance Assessment")against the Lot€or the cost of the performance ar correction. The Board of Directors of the Association shail deternune when any individual Lot Mainienance Assessment st�all be payable. Se�tion 5. Effect of Nonpayment of Assessment;Remedies of Association. T'he annual assessments and Individual Lot Ma'sntenance Assessment shall be fixed as provided in tbe Declaration. If any assessment es not paid when due, it shall become delinqvent and shall, together with interest at ihe rate of eight percem(8%)per annum, any cost of colleciion and any attorney's fees, become a continuing lien on the Lot and shaEl also be the personal obligation of the Owner of the Lot at the time the assessment is made. The lien may be enforced and foreclosed by action in the same manner in which mortgages rnay be foreclosed in Minnesota. Each�wner, by acceptance of a deed for any Lot, shall be deemed to give fisll and camp�ete power of sale to the Association and to consent to a foreclosure of the lien by advertisement. The Association may elect to being an action at law against the 4wner personally obiigated to pay the assessment. The lien createci by this Declaration shatl be subordinate to the lien of any First Mortgage.