COVENANTS FOR ASSESSMENTS
Section 6.01. Creation of the Lien and
Personal Obligation to Pay Assessments. Each Owner, by
acceptance of a deed to any Lot, whether or not it shall be so expressed in
such deed is deemed to covenant and agree to pay the Association: (1) Annual
Assessments (on an monthly basis, if deemed more practical by the Board) 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 reasonable attorneys’ fees ,shall be a charge on the
Section 6.02. Purpose of Assessments. The Annual Assessments levied by the Association shall be used exclusively to promote the recreation, heath, safety and welfare of the Members and their guests, for the improvement and maintenance of the Common Property including, but not limited to, the operation and maintenance of the private streets and sewer system within the Common Area, and for all purposes set forth in the Articles, Bylaws and this Declaration.
Section 6.03. Basis and Maximum of Annual
Assessments. Until January 1 of the year immediately following the
conveyance of the first
A. From and after January 1 of the year immediately following the conveyance of the first Lot to an Owner, the maximum Annual Assessment may be increased effective January 1 of each year without a vote of the membership in conformance with the raise, if any, of the Consumer Price Index (for U.S. City Average—All Urban Consumer—published by the Department of Labor, Washington, D.C.) for the preceding month of July.
B. From and after January 1 of the year immediately following the conveyance of the first Lot to an Owner, the maximum Annual Assessment may be increased above that established by the Consumer Price Index formula by a vote of the Members for the next succeeding two(2)years and at the end of each such period of two years, for each succeeding period of two years, providing that any such change shall have the assent of two-