Book: 5::l27 Page: 3966
based upon changes in Consumer Price Index, unless a gi·ater increase is pre:scribed by the City of New Smyrna Beach. With respect to any Neighborhood Association annual assessment, and with respect to the non-escrow component of the Owners Association annual assessment.. the follo~g two adjustment provisions shall apply~ First, the assessment shall automatic.ally adjust from one Association year to the next (subject to the approval of a majority of the Bo~n-d of Directors of the applicable Association) up or dovvn in an amount in accordance with the 11ercentage increase or decrease in the Consumer Price Index during the last complete calendar ye,1.r; provided, however, that the Directors shall have the authority in their approving resolution to round any such automatic adjustment upward or downward to a convenience amount. Second, tht~ assessment may be increased beyond that set at the annual meeting upon approval of the two-thirds of the members in attendance at any regular or special meeting of the applicable Association at which a quorum is present, but only after ,vritten notice of such meeting and such issue is given to all members of that Association at least ten (10) days prior to the date of said meeting. Nothing herein, however, shall be construed to preclude the Board of Directors of ail)' of the Associatio11S from once annually fixing and levying an emergency assessment may be levied without notice to the membership and without the holding of any special or regular meeting of said membership of the Association~ Any Association, upon proper resolution adopted by its Board of l)irectors, may bill and collect assessments on a quarterly basis. E.xcept as elsewhere provided herein to the contrary, each o-wner of a Lot or Dwelling Unit shall be obligated to pay assessments which accrued prior to his raking title and shall be obligated to pay the regular annual assessment continually from, at the latest, the date such Owner talces title to said Lot or Dwelling Unit. In the event that, and at such time as, two Lots under single ownership shall have one Dwelling Unit constructed upon them in such a way that no other Dwelling Unit can be constructed thereon, then at the time if issuance of a Certificate of Occupancy for that one Dwelling Unit, the ovmer shall become liable for one regular annual assessment, and nc, longer for two such assessments as were o\\ned prior to the completion of the Dwelling Unit. The Developer shall not be obligated to pay any assessments on any vacant Lots or lands which it may own, notwithstanding the fact suc.h Lots may have been platted or such Lots may be on paved roads. However, in the event the Developer construe-ts a Dwelling Unit on any Lot, it shall be liable for the annual and other assessments upon that Lot or Dwelling Unit which are charged, levied or assessed for the frrst time after the issl1ance of a Certificate of Occ·upancy for the Dwelling Unit, except Developer shall have the right to construct ''model homes'' £::,r which no assessment 16
I 1
- '
i -, I
)
:
I
. _J ,-.!
.:::=, '
i ' ~1
j
' I '
- ' • 1 I ' -- --~ I
i
1 i
~ I --i J
-.
(
' I '
I ~-
Made with FlippingBook - professional solution for displaying marketing and sales documents online