Common use of Special Assessments for Capital Improvements Clause in Contracts

Special Assessments for Capital Improvements. In addition to the annual assessments authorized above, the Board 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 cost of any construction, reconstruction, repair or replacement of a capital improvement upon the Common Area for which the reserve account is inapplicable or inadequate, provided that any such assessment has the assent of 67 percent of the votes at a Legal Meeting.

Special Assessments for Capital Improvements. In addition to the annual assessments authorized above, the Board Association may levy, in any assessment year, a special assessment applicable to that year only for the purpose of defraying, defraying in whole or in part, the cost costs not covered by insurance of any construction, reconstruction, repair or replacement of a capital improvement upon the Common Area for which the reserve account is inapplicable or inadequateArea, including fixtures and personal property related thereto, provided that any such assessment has shall have the assent of 67 percent two- thirds (2/3) of the votes of each class of members who are voting in person or by proxy at a Legal Meetingmeeting duly called for this purpose.

Special Assessments for Capital Improvements. In addition to -------------------------------------------- the annual assessments authorized above, the Board 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 cost of any construction, reconstruction, repair or replacement of a capital improvement upon the Common Area for which the reserve account is inapplicable or inadequateArea, including fixtures and personal property related thereto, provided that any such assessment has shall have the assent vote or written consent of 67 percent two-thirds (2/3rds) or more of the votes at a Legal Meetingof each class of members.