Book: 5J27 Page: 3966
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based upon changes in Consumer Price Index, unless a grater increase is prescribed 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 following two adjustment provisions shall apply. First, the assessment shall automatically adjust from one Association year to the next (subject to the approval of a majority of the Board of Directors of the applicable Association) up or down in an amount in accordance with the percentage increase or decrease in the Consumer Price Index during the last complete calendar year; 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, th1: 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 written notice of such meeting and such issue is given to all members of that Association at least ten (I 0) days prior to the date of said meeting. Nothing herein, however, shall be construed to preclude the Board of Directors of any of the Associations 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 ihe Association. Any Association, upon proper resolution adopted by its Board of Directors, may bill and collect assessments on a quarterly basis. Except as elsewhere provided herein to the contrary, each owner of a Lot or Dwelling Unit shall be obligated to pay assessments which accrued prior to his taking title and shall be obligated to pay the regular annual assessment continually from, at the latest, the date such Owner takes 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 owner shall become liable for one regular annual assessment, and no longer for two such assessments as were ov.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 such Lots may have been platted or such Lots may be on paved roads. However, in the event the Developer constructs 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 first time after the issuance of a Certificate of Occupancy for the Dwelling Unit, except Developer shall have the right to construct "model homes" ti)r which no assessment 16
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