Conditions, Restrictions and Reservations
Page 10 of 20
Association acting in accordance with its constitution and by-laws provided, however, that any
such action so authorized shall always be for the express purpose of keeping Hobson Village
highly desirable and exclusive residential community.
13.
Method for providing General Funds:
(a)
For the purpose of providing a general fund to enable the Association to
exercise the powers, and make and maintain the improvements and render the services herein
provided for, the Board of Directors of the Association shall determine for each year the total
amount required of such fund for such year and may levy an annual assessment allocated in
accordance with paragraph B of this section.
(b)
Allocation of assessment: Assessments against (Dwelling Lots and Units)
shall be computed in the following manner:
Every single family dwelling unit on a single family lot (or unimproved single
family lot) of 6,000 sq. feet or more, irrespective of the numbers of bedrooms, shall be counted
as one full increment of assessment.
(c)
Commencement of Assessment: No assessment, special or annual, may be
assessed against any single-family lot until the same has been sold by the Declarant, or its
successors and/or agents.
No assessment, special or annual, may be assessed against any Dwelling Unit not
constructed on a single-family lot until the same has been both constructed and has been sold, or
is occupied through an agreement with the Declarant, or its successors, assigns and or agents.
(d)
Initial Cost of Operation: The Declarant shall pay the cost of maintaining
and operating the "Common Area" and the "Community Facilities" until such time as the