Section 1: Each member is deemed to covenant and agree to pay the Association:

Section 2: Annual Assessment.  Within thirty (30) days after the adoption by the Board of Directors of any proposed regular of special budget of the Association, the Board shall set a date for a meeting of the owners to consider ratification of the budget not less than fourteen (14), nor more than sixty (60) days after mailing of the summary.  Unless at that meeting the owners of a majority of the votes in the Association reject the budget, in person or by proxy, the budget is ratified, whether or not a quorum is present.  In the event the proposed budget is rejected, or the required notice is not given, the periodic budget last ratified by the owners shall be continued until such time as the owners ratify a subsequent budget proposed by the Board of Directors.

 

Section 3: Special Assessments for Capital Improvements.  In addition to the annual assessments authorized above, the Association may levy special assessments for capital improvements.  Any such levy by the Association shall be for the purpose of defraying in whole or in part, the cost of any construction or reconstruction, or replacement of a described capital improvement upon the common areas as defined in the Covenants and Restrictions of KINGSLEY GLEN , provided that any such assessment shall have the assent of sixty six percent (66%) of the votes of all lot owners, written notice of which shall be sent to all members not less than thirty (30) days, nor more than sixty (60) days in advance of the meeting setting forth the purpose of the meeting.

 

Section 4: Uniform Rate.  All annual and special assessments shall be fixed at a uniform rate for those lots that are affected by that specific assessment.

 

Section 5: Date of Commencement of Annual Assessment; Due Dates.  As to each particular lot involved, the liability for the annual assessment shall begin on the 1st day of January of each calendar year and shall be payable on or before the 30th day of January of each year so long as the assessment is in effect.  In the even the annual assessment is increased or decreased as provided for in these By-Laws, then the new assessment rate shall begin on the 1st day of January following the meeting at which the annual assessment rate was changed.  The due date of any special assessment as provided in herein shall be fixed by the resolution authorizing such assessment.

 

Section 6: Effect of Non-Payment of Assessments; Remedies.  If any assessment is not paid within (30) days after it was first due and payable, the assessment shall bear interest from the date on which it was due at the rate of twelve percent (12%) per annum, and the Association may bring an action at law against the one personally obligated to pay the same and/or foreclose the lien against the property, and interest, costs, and reasonable attorney’s fees of any such action shall be included in any judgment or decree entered in such suit.