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202102060
<br />The Board of Directors shall control, by majority vote, the management and operation of the
<br />Association, including annual assessments. The Board, in itssole and absolute discretion, mayfix
<br />the amount of the annual assessment asfollows
<br />A. As long as Class B membership shares exist, the Board of Directors may levy an
<br />annual assessment. At such time that Class A membership shares exceed Class B shares, the
<br />Board of Directors may levy and annual assessment pursuant to the approval of a majority of
<br />the membership of the Association present or voting by proxy at an annual meeting called for
<br />such purpose.
<br />B. From and after January 1, of the year immediately following the point at which all
<br />Class B - membership shares shall cease to exist, the maximum annual assessment maybe
<br />increased each year in an amount not to exceed ten percent (10%) above the maximum
<br />assessment for the previous year.
<br />C. From and after January 1, of the year immediately following the point at which all
<br />Class B membership shares shall cease to exist, the maximum annual assessment may be
<br />increased above ten percent (10%) only by a vote of two-thirds (2/3) of the members who are
<br />voting in person or by proxy at a meeting duly called forthis purpose.
<br />D. In addition to the annual assessment authorized above, the Association may levy,
<br />in any assessment year, a special assessment applicable to that year only for the purpose of
<br />defraying, in whole or part, the costs of any construction, repair, replacement, and normal
<br />maintenance of capital improvements upon the common areas, roadways, boat slips or
<br />ramps, including fixtures and personal property related thereto. Any assessment shall have
<br />the assent of two-thirds (2/3) of the votes of each class of members who are voting in person
<br />or by proxy at a meeting duly called for this purpose.
<br />E. Both annual and special assessments must be fixed uniformly for all lot owners,
<br />except if two Tots are combined to form one larger lot, the assessment for this newly formed lot
<br />shall be one and one- half (1 %) times the assessed amount for a single lot. This newly formed
<br />larger lot shall have one (1) Class A voting membership.
<br />F. The assessments levied by the Association shall be used exclusively to promotethe
<br />recreation, health, safety, and welfare of the residents, to maintain common green areas,
<br />streets, Lake Fred and Lake Carl and its bed, and to enforce the covenants to preserve the
<br />appearance of the development for the benefit of all the residents of the community. The
<br />assessments levied by the Association shall be used for, but not limited to, accounting, legal
<br />fees, insurance for common areas, landscape maintenance of common areas, lake
<br />maintenance, boat ramp maintenance, street and road maintenance including snow
<br />removal, costs for street lights and utility charges, and well maintenance. The assessments
<br />levied may also be used for capital improvements, such as but not limited to, roadway
<br />surfacing.
<br />G. Notice, quorum, and voting requirements of any meeting called for the purpose of
<br />taking any action authorized under sub -paragraphs (2), (3), or (4) shall be govemed by the
<br />Articles of Incorporation and By -Laws for the Amick Acres West Homeowners Association.
<br />5. PaymentnfAssessment Declarants, theirsuccessors and assigns, for each lot owned
<br />within the Amick Acres Subdivision hereby covenant, and each owner of any lot by
<br />acceptance of a deed therefor, whether or not it shall be so expressed in such deed, is
<br />deemed to covenant and agree to pay to the Association (1) annual assessments or
<br />charges, and (2) special assessments for capital improvements, such assessments to be
<br />9IPage
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