Agenda - Council - 06/11/1985 - Special

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assessment at an amount not tn excess of the limits prescribed by Section 6.3, Paragraph a, above. Section ~.4 .Special Assessments for Capital Imprgvements . in'addition to annual assessments authorized above, the Association may levy, In any assessment year, a special assessment applicable to that year only for the purpose of defraying, in whole or in part, the cost of any construction, reconstruction, repair or replacement of a capital improvement upon the Common Property, including Fixtures and personal property related thereto, provided that any such assessment shall have the assent of two-thirds (2/3) of the votes of each class of members who are voting in person or by proxy at a meeting duly called for this purpose. Section 6.5 Notice and quorum for any Action Authorized Under Sections 6.3 and 6.4. Written notice of any meeting called for the purpose of. taking any action authorized under Section 3 or 4 shall be sent to all members not less than 30 days nor more than 60 days in advance of the meeting. At the First such meeting called, the presence of members or of proxies entitled to cast sixty percent (60%) of all the votes of each class of membership shall constitute a quorum. If the required quorum is not present, another meeting may be called subject to the same notice requirement, and the required quorum at the subsequent meeting shall be one-half (1/2) of the required quorum at the preceding meeting. No such subsequent meeting shall be held more than 60 days Following the preceding meeting. Section 6.6 Uniform Rate of Assessment. Both annual and special assessments shall be Fixed at a uniform rate For all Lots and may be collected on a monthly basis; provided, however, that a Lot owned by Declarant shall be assessed at one-fourth the rate assessed against Lots owned by others until the earlier of (ii the issuance of an occupancy permit For the House located on such Lot by the appropriate municipality, (ii) the use of the House located on such Lot by Declarant as a model or as a residence or (iii) the inspection and approval for occupancy ~of the House on such Lot by the FHA or VA. Section 6.7 Date of Commencement of Annual Assessmentsl Due Dates. The annual assessments provided for herein shall commence as to all Lots on the First day of the month Following the conveyance of the Common Property. The First annual assessment shall be adjusted according to the number of months remaining in the calendar year. The Board of Directors shall Fix the amount of the annual assessment period. Written notice of the annual assessment shall be sent to every Owner subject thereto. The due dates shall be established by the Board of Directors. The Association shall, upon demand, and for a reasonable charge, Furnish a Northfork page Il of 25