Agenda - Council - 06/11/1985 - Special

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I I I I i I i I I I I ! I I I I I I iI Sectton G.! Creation of the Lien and Personal Obligation of Assessments. The Declarant, for e~ch Lot owned with the Properties, hereby covenants, and each Owner of any Lot by acceptance of a deed therefor, whether or not It shall be so expressed tn such deed, is deemed to covenant and agree to pay to the Association: (l) annual assessments or charges, and (2) special assessments for capital Improvements, such assessments to be established and collected as hereinafter provided. The annual and special assessments, together with interest, costs, and attorney's Fees, ~hall be a charge on the land and sh~ll be a continuing lien upon the property against which each such assessment is made. Each such assessment, together' with interest, costs, and reasonable attorney's fees, shall also be the personal obligation of the person who was the Owner of such property at the time when the assessment fell due. The personal obligation for delinquent assessments shall not pass to his successors in title unless expressly assumed by them. Each similar improved Lot shall be assessed at a uniform rate, except for m~intenance assessments as set forth in Section 6.5 of this Article. Section 6.2 Purposes of Assessments. The assessments levied by the Association shall be used exclusively to promote the recreation, health safety, and welfare of the residents in the Properties and for the Improvement and m~intenance of the Common Property. Section 6.3 Haximum Annual Assessments. Until January of the year i n~nediately following the conveyance of the first Lot to an Owner, the m~ximum annual assessment shall be fourty-five dollars ($45.00) per Lot. a. From and after January I of the year immediately following the conveyance of the First Lot to an Owner, the maximum annual assessment m~.y be increased each year not more than the greater of (i) the average increase In the general U.S. Government Consumer Price Index for the Minneapolis-St. Paul Metropolitan Area for the three previous calendar quarters or (ii) above the maximum assessment for the previous year, without a vote of the membership; provided, however, that this limitation shall not apply to premiums for insurance under Article VII. b. From and after January ! of the year in~ediately following the conveyance of the first Lot to an Owner, the maximum annual assessment may be increased above the limitations imposed by Section 6.3, Paragraph a, by a vote of two-thirds (2/3) of each class of members who are voting, in person or by proxy, at a meeting duly called for this purpose. c. The Board of Directors may fix the annual Northfork page )0 of 25