2003-016-PEDCR - Laserfiche WebLink

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(b) The Operating Fund will be used to provide for routine ongoing maintenance of Common Area. (c) The Reserve Fund shall be used to provide for extraordinary and non- recurring expenses related to the maintenance, repair, and/or enhancements to the Common Areas. Section 3. Maximum Monthly Assessment. Until january 1 of the year immediately following the conveyance of the first Lot to an Owner, the maximum monthly assessment shall be One Hundred-Fifty (150.00) Dollars per Lot: (a) From and after january 1 of the year immediately following the conveyance of the first Lot to an Owner, the maximum monthly assessment may be increased each year not more than 5% above the maximum assessment for the previous year without a vote of the membership. (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 5% by a vote of two-thirds (2/3) of the total number of members who are voting in person or by proxy, at a meeting duly called for this purpose. (c) The Board of Directors may fix the monthly assessment at an amount not in excess of the maximum. Section 4. Special Assessments for Capital Improvements. In addition to the monthly assessments authorized above, the Association may levy, in any assessment year, a special assessment applicable to that year only for the purpose of defraying, in whole or in part, the cost of any construction, reconstruction, repair or replacement of a capital improvement upon the Common Area, including fixtures and personal property related thereto, provided that any such assessment shall have the assent of two-thirds (2/3) of the votes of the total number of members who are voting in person or by proxy at a meeting duly called for this purpose. Section 5. Notice and Quorum for any Action Authorized Under Sections 3 and 4. Written notice of any meeting called for the purpose of taking any action authorized under Section 3 or 4 shall be sent to all members not less than 7 days nor more than 50 days in advance of the meeting. At the first such meeting called, the presence of members or of proxies entitled to cast sixty percent (60%) of all the votes of each class of membership shall constitute a quorum. If the required quorum is not present, another meeting may be called subject to the same notice requirement, and the required quorum at the subsequent meeting shall be one-half (1/2) of the required quorum at the preceding meeting. No such subsequent meeting shall be held more than 60 days following the preceding meeting. Paris Industrial Park Development Covenants Page 6 of 20