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201908192
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Last modified
3/11/2021 10:43:14 AM
Creation date
12/31/2019 10:10:06 AM
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DEEDS
Inst Number
201908192
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201908192 <br />Owner. The Board of Directors shall have the sole authority to set the allocation <br />of annual assessments among the Owners and the Board of Directors shall have <br />the authority to lower the allocation of the annual assessment charged to owners <br />of Residential Lots (including the Declarant) where construction has not been <br />Completed; provided, however, in no event shall the annual assessment for <br />vacant Residential Lots or Residential Lots under construction be less than <br />33.33% of the annual assessment for a completed Residential Lot. Special <br />assessments shall be allocated equally among the 20 Residential Lots; provided, <br />however, that the Board of Directors shall have the sole authority to (a) lower the <br />allocation of any special assessment charged to owners of Residential Lots <br />(including the Declarant) where construction has not been Completed if such <br />special assessment relates to an unexpected shortfall in the annual assessment <br />charged to the Owners; provided, however, in such case in no event shall the <br />special assessment for vacant Residential Lots or Residential Lots under <br />construction be less than 33.33% of the special assessment for a completed <br />Residential Lot; (b) determine that the special assessment should only be <br />assessed against the Residential Lots that directly benefit from the special <br />assessment (for example, the repair of improvements (i.e. streets, landscaping, <br />sidewalks, sprinkler systems, etc.) that are only located on specific Residential <br />Lots), in which case the Owners of the Residential Lots who do not benefit from <br />the special assessment would not be required to pay any portion of the special <br />assessment or to pay a reduced portion of the special assessment as determined <br />by the Board of Directors; or (c) determine that one of more Owners of a <br />Residential Lot are solely responsible for a special assessment due to such <br />Owners' negligence or misconduct. If an Owner owns more than one Residential <br />Lot, the Owner will be required to pay a special assessment for each Residential <br />Lot owned by such Owner. The annual assessments provided for herein shall <br />commence as to all Residential Lots on the date of the first annual meeting. The <br />Board of Directors shall fix the amount of the annual assessment against each <br />Residential Lot at least thirty (30) days in advance of the due date thereof and <br />shall fix the dates such amounts become due. Assessments shall be payable at <br />such intervals as the Association shall allow. Notice of the annual assessment <br />shall be sent to every Owner subject thereto. <br />2.7 Delinquent. Any assessment not paid within sixty (60) days after the due <br />date shall be deemed to be in default and shall bear interest at the rate of 18% <br />per annum or the maximum legal rate allowed by law, whichever is lesser, from <br />date due until paid. The Association may bring an action at law against such <br />Owner personally obligated to pay the same, or may foreclose a lien against <br />such Owner's Lot. No Owner may waive or otherwise escape liability for the <br />assessments provided for herein by non-use of the Common Area or <br />abandonment of its Residential Lot. A sale or transfer of any Residential Lot <br />shall not affect the assessment lien. Further, no sale or transfer of any <br />Residential Lot shall extinguish the personal liability of the Owner of each <br />Residential Lot, for the payment of such assessment, without the written consent <br />of the Association. <br />ARTICLE 3 <br />DEVELOPMENT AND USE RESTRICTIONS <br />5 <br />4845-6155-3581.3 <br />
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