V. A. Reserve fund. The Board may establish a Reserve Fund for financing the operation of the Association, for paying necessary costs and expenses of operating the Association and repairing and maintaining the Common Property.
V. B. Types of Assessments. The Developer, for each Lot owned, covenants and agrees, and each Owner, by accepting a deed to a Lot, is deemed to covenant and agree, to pay to the Association the following assessments: (i) Annual Assessments; (ii) Special Assessments; and (iii) Lot Assessments. No Owner may claim exemption from liability for any Assessment by waiving or foregoing the use or enjoyment of any of the Common Property or by abandoning his/her Lot. Annual and Special Assessments shall be fixed at a uniform rate for all Lots.
V. C. Annual Assessments. Annually, on or before the date of the annual meeting of the Association, the Board of Directors shall cause to be prepared a proposed annual budget for the current fiscal year and shall make available a copy of such proposed budget to each Owner prior to or with the notice to Owners of such annual meeting. The failure or delay of the Board of Directors to prepare a proposed annual budge and to furnish a copy thereof to the Owners shall not constitute a waiver or release in any manager of the obligations of the Owner to pay the assessments herein provided, whenever determined. The Board shall annually estimate the Common Expenses and the expenses, if any, it expects the Association to incur in the Association's next ensuing fiscal year for the maintenance, operation and management of the Association (which may also include amounts, if any for the Reserve Fund as may be determined by the Board) and shall assess each Owner of a Lot an Annual Assessment equal to such estimated expenses divided by the total number of Lots. Each Assessments shall be paid in accordance with the procedures set forth in the Rules. Whenever, whether before or after the Annual Meeting of the Association, there is no Annual budget approved by the Owners as herein provided for such current fiscal year, the Owners shall continue to pay regular Assessments based upon the last approved budget or, at the option of the Board of Directors, based upon one hundred ten per cent (110%) of such last approved budget as a temporary budget. Notwithstanding the foregoing to the contrary (i) prior to January 1, 2002 in no event shall the Annual Assessments for each exceed $180; and (ii) prior to the date that Developer relinquishes its right to appoint member of the Board as set forth in Article III Paragraph A herein (the "Turnover Date"), Developer shall not pay the Annual Assessments applicable to Lots owned by Developer, but shall pay any deficit incurred in operation of the Association. Also, as stated in Article III, Section 2, Lots owned by the Declarant after Turnover date, are not subject to an Annual Assessment until after a home has been constructed on such Lot.
V. D. Special Assessments. From time to time, Common Expenses of an unusual, extraordinary or capital nature not included in the budget, or not otherwise anticipated may arise. At such time, unless otherwise provided in this Declaration, the Articles, the By-Laws or the Act, the Board of Directors shall have the full right, power and authority to make special assessments which, upon resolution of the Board, shall become a lien on each Lot and Dwelling Unit, prorated in equal shares. The board may levy against any Lot(s) a Special Assessment to pay for capital expenditures or interest expense on indebtedness incurred for the purpose of making capital expenditures and not projected to be paid of the Reserve Fund; provided that any such assessment shall have the assent of two-thirds (2/3's) of the Members who are voting in person or by proxy at a meeting duly called for this purpose. Written notice of any meeting called for the purpose of the levying a Special Assessment shall be sent to all Members not less than 30 days no more than 60 days in advance of the meeting. A quorum of at least fifty-one percent (51%) must be present at any such meeting. Without limiting the generality of the forging, Special Assessments may be made by the Board of Directors from time to time to pay for capital expenditures and to pay for the cost of any repairs or reconstruction of damage caused by fire or other casualty or disaster to the extent insurance proceeds are insufficient therefor under the circumstances describe in this Declaration.
V. E. Lot Assessments. The Board may levy a Lot Assessment against any Lot(s) and the Owner(s) thereof to reimburse the Association for costs incurred on behalf of the Lot(s), including without limitation, costs associated with making repairs that are the responsibility of the Owner; cost of additional insurance premiums specifically allocable to the Owner; costs of any utility expenses chargeable to an Owner but not separately billed by the utility company; and all other fines and charge reasonably determined to be a Lot Assessment by the Board. Upon its determination to levy a Lot Assessment, the Board shall give the affected Owners(s) written notice and the right to be heard by the board or a duly appointed committee thereof in connection with such Lot Assessment, 10 days prior to the effective date of the levy of any Lot Assessment. The BOard may levy a Lot Assessment in the nature of a fine reasonably determined by the Board against the Lot of any Owner how violates the Rules, the Association Documents or any provision of this Declaration, or who suffers or permits his/her family members, guests, invitees or tenants to violate such Rules, the Association Documents, or provisions of this Declaration.
V. F. Remedies.
V. F. 1. In General. The Association or any party to whose benefit the Restrictions inure, include the Developer, may proceed at law or in equity to prevent the occurrence or continuation of a violation of these Restrictions, but neither the Developer nor the Association shall be liable for damages of any kind to any person for failing either to abide by, or enforce or carry out any of these Restrictions.
V. F. 2. Delay or Failure to Enforce. No delay or failure on the part of any aggrieved party to invoke any available remedy with respect to a violation of any one or more of these Restrictions shall be held to be a waiver by the party (or an estoppel of that party to assert), or any other party, to any right available to him upon the occurrence, reoccurrence of continuation of such violation or violations o theses Restrictions.
V. F. 3. Late Charges Acceleration. If any Assessment remains unpaid for 10 days, after all or any prt thereof shall become due and payable, the Board may charge interest at the the lesser of the rate of 12% per annum or the highest rate permitted by law, together with an administrative collection charge of $25.00.
V. F. 4. Liability for Unpaid Assessments. Each Assessment or installment of an Assessment, together with interest thereon and any costs of collection, including reasonable attorneys' fees shall become the personal obligation of the Owner(s) beginning on the date the Assessment or installment thereof becomes due and payable. Where the Owner constitutes more than one person, the liability of such persons shall be joint and several. The Board may authorize the Association to institute an action at law on behalf of the Association against the Owner(s) personally obligate to pay any delinquent assessment. An Owner's personal obligation for a Lot's delinquent Assessments shall also be the personal obligation of his/her successors in title who acquire an interest after any Assessment becomes due and payable and both such Owner and his/her successor in title shall be jointly and severally liable thereof. Except as otherwise provided herein, the transfer of an interest in a Lot shall neither impair the Association's lien against that Lot for any delinquent Assessment nor prohibit the Association from foreclosing that lien.
V. F. 5. Liens. All unpaid Assessments, together with any interest and charges thereon or costs of collection, shall constitute an continuing charge in favor of the Association and a lien on the Lot against which the Assessment was levied. If any Assessment remains unpaid for 10 days after it is due, then the Board may authorize any officer or appointed agent of the Association to file, record and foreclose upon a certificate of lien (or similar document) for all and any part of the unpaid balance of that Assessment, together with interest and costs, with the appropriate Governmental office containing a description of the Lot which the lien encumbers, the name(s) of the Owner(s) of that Lot, the amount of the unpaid portion of the Assessment, and such other information as the laws of the State my require. The certificate my be seized by any officer, authorized agent or Manager of the Association. Upon the recording of the certificate, the subject Lot shall be encumbered by the continuing lien in favor of the Association. The Assessment lien shall remain valid for a period of one year from teh date such certificate is duly filed, unless the lien is released earlier or satisfied in the same manner provided by the law of the State for the release and satisfaction of mortgages on real propriety, or unless the lien is the subject, of pending litigation or is discharged by the Final judgement or order of any court having jurisdiction. Notwithstanding the foregoing, the lien for Assessments provided for in this Section shall be subordinate to the lien of any bona fide first mortgage on a Lot.
V. F. 6. Vote on Association Matters: Use of Common Property. If any Assessment remains unpaid for 30 days after it becomes due, then the delinquent Owner's voting rights upon Association matters and the Owner's privileges to use the Common Property, except for necessary ingress and egress to his/her Lot, shall be suspended until such Assessment is paid.