Common use of Date of Commencement of Annual Assessments; Due Dates Clause in Contracts

Date of Commencement of Annual Assessments; Due Dates. The annual Assessments shall commence as to all Lots on the first day of the month following the conveyance of the first Lot to a Purchaser. The first annual Assessment shall be adjusted according to the number of months remaining in the fiscal year of the Association. The Board may require that the annual Assessment be paid in installments as provided in Section 4.3(G) above, and in such event the Board shall establish the due dates for each installment. The Association shall, upon demand, and for a reasonable charge, furnish a certificate signed by an officer of the Association or the Association’s designated agent setting forth whether the Assessments on a specified Lot have been paid.