|
|
 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Wyndham Park Declaration Page 10 Section 4. General. The easements and grants provided herein shall in no way affect any other recorded grant or easement. ARTICLE VII. ASSESSMENTS AND ASSESSMENT LIENS Section 1. Types of Assessments. The Declarant, for each Lot, hereby covenants, and each Lot Owner, by acceptance of a deed to a Lot, (whether or not it shall be so expressed in such deed), is deemed to covenant and agree to pay to the Association: (1) annual operating assessments, (2) special assessments for capital improvements, and (3) special individual Lot assessments, all of such assessments to be established and collected as hereinafter provided. Section 2. Elements-Apportionment: Due Dates. a. Annual Operating Assessments Prior to Turnover Date. 1)Commencing on July 1, 1999, through the Turnover Date, the Owners of all Lots which have been conveyed by the Declarant to bona-fide, unrelated purchasers shall pay monthly installments of operating assessments in the amount of $40.00 per month in advance, on or before the first day of each month. 2) Until such Turnover Date, the Declarant shall not pay any assessments with respect to such Lots owned by it or conveyed by it to persons or entities affiliated with the Declarant. 3) Until the Turnover Date, the Declarant shall pay all expenses of the Association which exceed the amounts assessed to Owners of Lots. 4) The Turnover Date shall be that date, prior to the conveyance to bona fide purchasers of 75% of all the Lots submitted to the jurisdiction of these Covenants, selected by the Declarant, in its sole and absolute discretion, and communicated to the Association in writing by the Declarant, as the date after which the Declarant will have no further responsibility to pay Association expenses, (except as described herein with respect to any unsold Lots), and the date which control of the Association, and the right to select, remove and replace Trustees, will be turned over to the Owners of Lots, (including the Declarant with respect to Lots owned by it). b. Annual Operating Assessments After the Turnover Date. 1) Promptly after the Turnover Date, and thereafter, prior to the beginning of each fiscal year of the Association, the Board shall estimate the expenses of the Association consisting of the following: (a) The estimated next fiscal year's cost of the maintenance, repair, replacement, and other services to be provided by the Association; (b) The estimated next fiscal year's costs for insurance and bond premiums to be provided and paid for by the Association; (c)The estimated next fiscal year's costs for utility services charges to or otherwise properly payable by the Association;
|