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 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Wyndham Park Declaration Page 12 1) In addition to the annual operating assessments, the Board may levy in any fiscal year, special assessments to construct, reconstruct or replace capital improvements on or constituting a part of the Common Areas owned by the Association, to the extent that reserves therefore are insufficient, provided that new capital improvements not replacing existing improvements shall not be constructed nor funds assessed therefore, if the cost thereof in any fiscal year would exceed an amount equal to five percent of that fiscal year's budget, without the prior consent of Lot Owners exercising no less than seventy-five percent (75%) of the voting power of Lot Owners and the consent of eligible holders of first mortgages on Lots to which at least fifty-one percent (51%) of the votes of Lots subject to mortgages held by eligible holders of mortgages appertain. 2) Any such assessment shall be divided among all Lots, with each Lot Owner to pay one share of such Assessments and shall become due and payable on such date or dates as the Board determines following written notice to the Lot Owners. d. Special Individual Lot Assessments. The Board may levy an assessment against an individual Lot, or Lots, as fines levied for the violation of the restrictions set forth here (including, without limitation, fines for the violation of covenants restricting construction, improvements not complying with approved plans, or for parking violations), and to reimburse the Association for those costs incurred properly chargeable by the terms hereof to a particular Lot (such as, but not limited to, the cost of enforcement of covenants and restrictions against a particular Lot, or of causing compliance with the restrictions and covenants set forth herein, or arbitration costs properly chargeable against such Lot Owner.) Any such assessment shall become due and payable on such date as the Board determines, and gives written notice to the Lot Owner(s) subject thereto. Section 3. Effective Date of Assessments. Any assessment created pursuant hereto shall be effective on the date determined by the Board. Written notice of the amount of any assessment shall be sent by the Board to the Lot Owner subject thereto at least ten days prior to the due date thereof, or the due date of the first installment thereof, if to be paid in installments. Written notice shall be mailed or delivered to a Lot Owner's Lot unless the Lot Owner had delivered written notice to the Board of a different address for such notices, in which event the Board shall mail such notice to the last designated address. Failure to receive such notice, for whatever reason, shall not be a defense to the Lot Owner's obligation to pay such assessment. Section 4. Effect of Nonpayment of Assessment; Remedies of the Association. (a) If any assessment or any installment of any assessment is not paid within ten (10) days after the same has become due, the Board, at its option, without demand or notice may (i) declare the entire unpaid balance of the assessment immediately due and payable (ii) charge interest on the entire unpaid balance, (or on an overdue installment, alone, if it hasn't exercised its option to declare the entire unpaid balance due and payable), at the highest rate of interest then permitted by Ohio law, or at such lower rate as the Board may from time to time determine; (iii) charge a reasonable, uniform late fee, as determined from time to time by the Board; and (iv) restrict services to the Lot and restrict use of any common areas owned by the Association and of easements or the use thereof, by the Owners and Occupants of the Lot. Such
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