Conditions, Restrictions and Reservations
Page 11 of 20
Declarant shall, in writing, turn the same over to the Association, after which time the
Association shall pay the costs and expenses attributable to the operation of the "Common Area"
and the "Community Facilities", provided, however, that the contributions to the cost of
operation shall be made as set forth in paragraph (e) hereof.
(e)
Initial Assessments: Commencing with the first day of the next
succeeding month following the date of the recording of any deed of conveyance, the Owner of
each Lot or Dwelling Unit covered by said deed shall pay a monthly assessment of $5.00 per
month for the first year and his proportionate share thereafter of all costs and assessments,
computed on the basis of the total number of Dwelling Units completed as of the beginning of
each year. Until such a time as the Declarant has turned over the "Common Area" and the
"Community Facilities" to the Association, the individual owners shall make payment to
Declarant. The Declarant will furnish an annual statement to the owners as to the expenditures
of all funds received.
(f)
In the event of failure of any Owner to pay any assessment on or before
thirty (30) days following notice to such owner of such assessment of the schedule due date
thereof, if later, then the assessment shall become delinquent and shall bear interest at the rate of
eight (8) per cent per annum from the date thereof to the date of payment, and the Association
shall have a lien on each lot against which such assessment is levied to secure payment thereof
plus interest. When delinquent, payment of both principal and interest may thereafter be
enforced against the owner personally, or as a lien on said real estate. It shall be the duty of the
Association to bring suits to enforce such liens before the expiration thereof. The Association
may, at is discretion, file certificates on non-payment of assessment in the office of the Recorder