Book 389 Page 322
collected as hereinafter provided. The annual and special assessments, together with interest, costs, and reasonable attorney's fees, shall be a charge on the land and shall be a continuing lien upon the property against which each such assessment is made. Each such assessment, together with interest, costs, and reasonable attorney's fees, shall also be the personal obligation of the person who was the Owner of such property at the time when the assessment fell due.
Section 2. Purpose of Assessments. The assessments levied by the Association shall be used exclusively to promote the recreation, health, safety, and welfare of the residents in the Properties and for the improvement and maintenance of the Common Area.
Section 3. Maximum Annual Assessment. Until such time as Declarant has deeded the Common Area to the Association, there shall be no assessment. In the first year following the deeding of the Common Area to the Association, the annual assessment shall not exceed Thirty Dollars ($30.00) per Lot.
(a) From and after the time Declarant has deeded the Common Area to the Association, the maximum annual assessment may be increased each year not more than five per cent (52) above the maximum assessment for the previous year without a vote of the membership.
(b) From and after the time Declarant has deeded the Common Area to the Association, the maximum annual assessment may be increased above five per cent (5%) by vote of two-thirds (2/3) of the members who are voting in person or by proxy, at a meeting duly celled for this purpose; provided in no event shall the annual assessment exceed the amount of the annual Chatham County ad valorem real property taxes for a house and lot without the unanimous consent of all Lot Owners.
(c) The Board of Directors of Polks Landing Association may fix the annual assessment at an amount not in excess of the maximum. Section 4. Special Assessments for Capital Improvements. In addition to the annual 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 coat 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 vote of the
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