Minimums and Maximum Annual Assessment Sample Clauses

Minimums and Maximum Annual Assessment. The minimum annual assessment shall he One Hundred Twenty and no/100 Dollars ($12O.OO) per year per Lot and the maximum annual assessment shall be Six Hundred and no/100 Dollars ($6OO.00) per year per Lot. The Association, at its option' may allow the payment of the annual assessment on a monthly or quarterly basis. For each calendar year following 1995, the foregoing maximum annual assessment may be increased by the Board of Directors each year by an amount up to, but not in excess of five percent (5%) of the maximum annual assessment for the previous year without a vote of the membership. Following the Transfer of Control, in the event the Board of Directors determines that an increase in excess of such amount is required, the amount of assessment exceeding such limitation shall be automatically effective thirty (30) days after the Association sends written notice to each Owner of the amount and necessity of such increased assessment unless the Association receives written objection to such increased assessment by Members entitled to cast more than fifty percent (50%) of the percentage values or the votes eligible to be cast by Members of the Association within such thirty (30) day period or a special meeting of members is called within such thirty (30) day period and the excess assessment is disapproved by a like vote of the Members at such meeting.
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Related to Minimums and Maximum Annual Assessment

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