11-28-2016 Council Packet - Laserfiche WebLink

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d. The costs of maintaining and complying with the ecological restoration and management program for the Property prosed by Declarant and approved by the City, as the same hereafter may be amended from time to time within the City's approval. SECTION 10 ASSESSMENTS 10.1 Creation of Lien and Personal Obligation of Owners. Each Owner, by accepting any deed or other instrument of conveyance to a Lot, whether or not it shall be so expressed in such deed or other instrument, is deemed to covenant and agree to pay to the Association general annual assessments or charges, and special assessments for capital improvements and other Common Expenses which are incurred less frequently than annually by the Owners such assessments to be established and collected as hereinafter provided. All annual and special assessments assessed against a Lot, together with interest, collection costs and reasonable attorney's fees, shall be a lien on the Lot, in favor of the Association, from the due date of such assessment until paid in full. Each such assessment, together with interest, collection costs and reasonable attorney's fees, shall also be the personal obligation of the Owner of the Lot as of the due date of the assessment, and if more than one person is the Owner of the Lot, each such person shall be jointly and severally liable therefor. Such assessments shall be fixed, established and collected by the Association from time to time in the manner provided in this Article. 10.2 Purposes of Assessments. The assessments levied against the Lots shall be used exclusively to improve and maintain the Common Area, to maintain and repair any amenities located within the Common Area, and to pay other Common Expenses. 10.3 Annual Assessment. The Association shall fix the amount annual assessments and the dates and methods of payment. 10.4 Special Assessment for Capital Improvements. Special Assessments for the purpose of defraying, in whole or in part, the cost of any construction, reconstruction, repair or replacement of a capital improvement shall be levied only with the assent of the Owners of a majority of the Lots. 10.5 Uniform Rate of Assessment. Both annual and special assessments shall be fixed at a uniform rate for all Lots, and may be collected on a monthly, quarterly or annual basis, as determined from time to time by the Association. 10.6 Effect of Nonpayment 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 rate equal to the lesser of the highest rate permitted by law, or ten percent (10%) per annum. The Association may bring an action 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 lien against the Lot owned by the Defaulting Owner, to collect any assessment owed by the Defaulting Owner. No Owner may waive or otherwise escape liability for the assessments provided for herein by non-use of the Common Area or 13 188927v1