Article VII - Assessments


  • Section 7.1 - MAINTENANCE FUND. All Annual Maintenance Assessments collected by the Association and all interest, penalties, assessments and other sums and revenues collected by the Association constitute the Maintenance Fund. The Maintenance Fund shall be held, managed, invested and expended by the Board, at its discretion, for the benefit of the Subdivision and the Owners of Lots therein. The Board shall by way of illustration and not by way of limitation, expend the Maintenance Fund for the administration, management, and operation of the Subdivision; for maintaining parks, parkways, rights-of-way, easements, esplanades and other public areas; collecting and disposing of garbage, ashes, rubbish and the like; paying all legal and other expenses incurred in connection with the enforcement of all covenants, conditions and restrictions set forth herein; paying all reasonable and necessary expenses in connection with the collection and administration of the Maintenance Fund; employing policemen and watchmen; caring for vacant lots; and doing any other thing or things necessary or desirable in the opinion of the Board of Directors to keep the property in the Subdivision neat and in good order, or which is considered of general benefit to the Owners of Lots, it being understood that the expenditure of said funds shall be final and conclusive so long as such judgment is exercised in good faith. The Board and its individual members shall not be liable to any person as a result of actions taken by the Board with respect to the Maintenance Fund, except for willful neglect or intentional wrongdoing.
  • Section 7.2 - COVENANTS FOR ANNUAL MAINTENANCE ASSESSMENTS. Each and every Lot in the Subdivision is hereby severally subjected to and impressed with an Annual Maintenance Assessment in an amount to be determined annually by the Board, which Annual Maintenance Assessment shall run with the land. Each Owner of a Lot, by accepting a deed to any such Lot, whether or not it shall be so expressed in such deed, is hereby conclusively deemed to covenant and agree, as a covenant running with the land, to pay to the Association, its successors or assigns, each and all Assessments against his Lot andlor assessed against him by virtue of his ownership thereof, as the same shall become due and payable, without demand. The Assessments herein provided for shall be a charge and a continuing lien upon each Lot, together with all improvements thereon, as hereinafter more particularly stated. Each Assessment, together with interest, costs, and reasonable attorney's fees, shall also be the personal obligation of the person who was the Owner of the Lot at the time the obligation to pay such Assessment accrued, but no Member shall be personally liable for the payment of any Assessment made or becoming due and payable after his ownership ceases.
  • Section 7.3 - MAXIMUM ANNUAL ASSESSMENT AND SPECIAL ASSESSMENTS. The Maximum Annual Assessment shall be $120.00 per Lot; provided that, the Maximum Annual Assessment may be increased to an amount greater than $120.00 per Lot if approved by a Majority of the Members present and voting, in person or by proxy, at a meeting called for that purpose at which a Quorum is present or upon the written consent of Owners representing a majority of the Lots. The Board of Directors of the Association may fix the annual Assessment at an amount not in excess of the maximum amount established pursuant to this section. The annual Assessment levied against each Lot shall be uniform. Special assessments may be levied against the Lots for the purposes of making capital improvements or covering deficiencies in the Association's operating costs only if approved by the vote of not less than a Majority of the Members present and voting at a meeting called for that purpose at which Owners representing at least ten percent (10%) of the Lots in the Subdivision are present, in person or by proxy. The provisions in this Declaration relating to the collection and enforcement of the Annual Maintenance Assessment shall be applicable to any special assessment levied by the Association.
  • Section 7.4 - DETERMINATION OF ANNUAL MAINTENANCE ASSESSMENT. On or before the 30th day of November in each year, the Board of Directors of the Association shall fix the amount of the annual Assessment to be levied against each Lot in the next calendar year. Written notice of the figure at which the Board of Directors of the Association has set the annual Assessment shall be sent to every Owner at the Owner's last known address as provided to the Association by the Owner. Actual receipt of written notice of the annual assessment is not a condition precedent to the Owner's obligation to pay Assessments, interest, late charges and attorney's fees, as set forth in this Article.
  • Section 7.5 - ENFORCEMENT OF ANNUAL MAINTENANCE ASSESSMENT. The Annual Maintenance Assessment levied against each Lot shall be due and payable on January 1st of the applicable assessment year. Any annual maintenance charge installment which is not paid and received by the Association by the thirty-first (3 1st) day of the month in which the installment becomes due shall be deemed to be delinquent, and, without notice, shall bear interest at the rate of ten percent (10%) per annum from the date originally due until paid. Further, the Board of Directors of the Association shall have the authority to impose a monthly late charge on any delinquent Annual Maintenance Assessment. The monthly late charge, if imposed, shall be in addition to interest. To secure the payment of the Annual Maintenance Assessment levied hereunder and any other sums due hereunder (including, without limitation, interest, late fees, attorney's fees, delinquency charges or Reimbursement Assessments), there is hereby created and fixed a separate and valid and subsisting lien upon and against each Lot and all improvements thereto for the benefit of the Association, and superior title to each Lot is hereby reserved in and to the Association. The lien described in this section and the superior title herein reserved shall be deemed subordinate to any Mortgage for the purchase of any Lot and any renewal, extension, rearrangements or refinancing thereof. The collection of such Annual Maintenance Assessment and other sums due hereunder may, in addition to judicial foreclosure of the lien hereby reserved in and to the Association and any other applicable method at law or in equity, be enforced by suit for a money judgment and in the event ofjudicial foreclosure suit or a suit for a money judgment, the expense incurred in collecting such delinquent amounts, including interest, costs and attorney's fees shall be chargeable to and be a personal obligation of the defaulting Owner. Further, the voting rights of any Owner in default in the payment of the Annual Maintenance Assessment, or other charge owing hereunder for which an Owner is liable, and/or any services provided by the Association, may be suspended by action of the Board for the period during which such default exists. Notice of the lien referred to in the preceding paragraph may, but shall not be required to, be given by the recordation in the office of the County Clerk of Hams County, Texas of an affidavit, duly executed, and acknowledged by an authorized agent of the Association, setting forth the amount owned, the name of the Owner or Owners of the affected Lot, according to the books and records of the Association, and the legal description of such Lot. At any foreclosure, the Association shall be entitled to bid up to the amount of the sum secured by its lien, together with costs and attorney's fees, and to apply as a cash credit against its bid all sums due to the Association covered by the lien foreclosed. From and after any such foreclosure the occupants of such Lot shall be required to pay a reasonable rent for the use of such Lot and such occupancy shall constitute a tenancy-at-sufferance, and the purchaser at such foreclosure sale shall be entitled to the appointment of a receiver to collect such rents and, further, shall be entitled to sue for recovery of possession of such Lot by forcible detainer without further notice.
  • Section 7.6 - NOTICE OF SUMS OWING. Upon the written request of an Owner, his agent, or a title company, the Association shall provide to such Owner a written statement setting out the then current total of all Assessments, and other sums, if any, owing by such Owner with respect to his Lot and any other information requested by the Owner, his agent or a title company relevant to the anticipated sale of the Lot. In addition to such Owner, the written statement from the Association so advising the Owner may also be addressed to and be for the benefit of a prospective lender or purchaser of the Lot, as same may be identified by said Owner to the Association in the written request for such information. The Association shall be entitled to charge the Owner a reasonable fee for such statement.
  • Section 7.7 - FORECLOSURE OF MORTGAGE. In the event of a foreclosure of a Mortgage on a Lot, the purchaser at the foreclosure sale shall not be responsible for Assessments, or other sums, if any, which accrued and were payable to the Association by the prior Owner of the Lot, but said purchaser and its successors shall be responsible for Assessments, and other sums, if any, becoming due and owing to the Association with respect to said Lot after the date of foreclosure.
  • Section 7.8 - REIMBURSEMENT ASSESSMENTS - Subject to any notice requirements provided by law, the Board of Directors may levy a Reimbursement Assessment against any Member if the failure of the Member or the Member's family, guest, or tenants to comply with this Declaration, the Articles of Incorporation, the Bylaws, Architectural Guidelines, or any rules and regulations shall have resulted in the expenditure of firnds by the Association to cause such compliance. The amount of the Reimbursement Assessment shall be due and payable to the Association ten (10) days after notice to the Member of the decision of the Board of Directors to impose the Reimbursement Assessment. Any Reimbursement Assessments levied against a Member shall also be secured by the Lien against the Lot owned by the Member.
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