Article XI - Assessments
Section 1.0 - Purpose: The purposes for general assessments are to:
(a) Provide the premium required to purchase property, if needed, liability, fidelity and Directors and Officers' liability insurance policies in scope and amounts as determined by the Board of Directors.
(b) Provide funds for the beautification, maintenance and repair of the Common Area, including any necessary utility service to that area.
(c) Provide funds for the purchase of supplies and services necessary to carry out the responsibilities of the Board of Directors such as paper, envelopes, postage, printing and photocopy services, etc.
(d) Provide funds for such other services, and materials and costs, as may be required or deemed advisable by the Board of Directors to carry out its duties.
Section 2.0 - General Assessment: The general assessment shall be an annual assessment set by the Board of Directors, not to exceed $50.00 per member, payable by January 15th each year. The general assessment may be increased or decreased by the majority of a quorum of members of the Association, the increase or decrease to take effect on January 15th of the year following the change.
Section 3.0 - Special Assessments: The Association may levy a special assessment for the purpose of reducing indebtedness or for capital improvements upon approval by a majority of a quorum of Association members.
Section 4.0 - Notice: Notice for action on general and special assessments shall comply with notice and other requirements for annual and special meetings.
Section 5.0 - Non-Payment of Assessment: Any assessment not paid within thirty days after the due date shall be in default and shall bear interest from the due date at the rate of 15% per annum. The Association may take appropriate action to collect the delinquent assessment. The annual and special assessments, together with interest costs and reasonable attorney fees, shall be a charge on the land and a continuing lien on each lot against which an assessment is made. Each such assessment, together with interest, costs and reasonable attorney fees incurred to collect same, shall also be the personal obligation of the person or persons who owned the lot at the time the assessment fell due, but such personal obligation shall not pass to the successors in title for such person or persons unless expressly assumed by them.