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201309222
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Last modified
8/19/2014 2:24:43 PM
Creation date
11/22/2013 8:53:25 AM
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DEEDS
Inst Number
201309222
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Page 46 of 68 <br />201309222 <br />Assessments to be levied pursuant to Section 8.2. Unless otherwise provided for in the <br />applicable Supplemental Declaration, Subdivision Assessments shall be levied in an equal <br />amount against each Assessable Lot within the Subdivision Assessment Area. If the Board <br />determines during any Assessment Period that any Subdivision Assessment is or will be <br />inadequate to pay all Subdivision Expenses for any reason, including without limitation <br />nonpayment of Subdivision Assessments by Owners, then the Board may increase the <br />Subdivision Assessment for that Assessment Period and the revised Subdivision Assessment <br />shall commence on the date designated by the Board. <br />In addition to a Subdivision Assessment assessed pursuant to this Section, the <br />Association may assess a special Subdivision Assessment against each Assessable Lot within a <br />Subdivision Assessment Area for the purpose of obtaining funds to pay the cost of any <br />construction, reconstruction, repair, or replacement of an Improvement situated on the <br />Subdivision Common Area. Any such special Subdivision Assessment shall be levied in an <br />equal amount against each Assessable Lot within the Subdivision Assessment Area. <br />8.5 Enforcement Assessments. <br />The Association may impose an Enforcement Assessment against any Owner for any <br />Collection Costs incurred as against the Owner and any monetary penalties levied against the <br />Owner. The Enforcement Assessment shall be automatically imposed against an Owner at such <br />time as the Collection Costs are incurred by the Association or, in the case of a monetary <br />penalty, the date the monetary penalty is imposed against the Owner by the Board. <br />8.6 Assessment Period. <br />The period for which each Regular Assessment is to be levied shall be the calendar year, <br />except that the first Assessment Period shall commence on the first day of the first full month <br />following conveyance of the first Lot to a Purchaser and shall terminate on December 31 of that <br />year. The Board, in its sole discretion, may change the Assessment Period from time to time. <br />8.7 Obligation of Declarant and Designated Builders for Deficiencies. <br />During the Declarant Control Period, the Declarant and the Designated Builders shall pay <br />and contribute to the Association such funds as may be necessary, when added to the <br />Assessments levied by the Association, to pay all Common Expenses of the Association as they <br />become due. The payment of any such amounts shall be allocated between the Declarant and the <br />Designated Builders on a pro rata basis according to the number of Lots owned by each as of the <br />date the payment is requested by the Board. The Board may require the payment of such funds <br />from time to time as the Board deems necessary by giving written notice thereof to the Declarant <br />and the Designated Builders. Each such notice shall state the total amount of funds required and <br />the calculation of the pro rata share to be paid by the Declarant and each Designated Builder. In <br />no event shall the Declarant or a Designated Builder be obligated to contribute funds to the <br />Association in excess of the amount that would have been assessed against the Declarant or <br />Designated Builder had the Lots owned by the Declarant or Designated Builder been Assessable <br />Lots. <br />
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