Special Assessments for Capital Improvements Clause Samples

Special Assessments for Capital Improvements. In addition to the annual assessment authorized above, the Association may levy in any calendar 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, including fixtures and personal property related thereto, provided that any such subsequent meeting shall be held more than sixty (60) days following the preceding meeting.

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. (i) In addition to the annual operating assessments, the Association may levy, in any fiscal year, special assessments to construct, reconstruct or replace capital improvements on or constituting a part of the Common Areas and/or personal property to the extent that reserves therefor are insufficient, provided that new capital improvements not replacing existing improvements shall not be constructed nor funds assessed therefor, if the cost thereof in any fiscal year would exceed an amount equal to five percent (5%) of that fiscal year’s budget, without the prior consent of Lot Owners exercising no less than seventy-five percent (75%) of the voting power of Lot Owners. (ii) Any such assessment shall be divided equally among all Lots, and shall become due and payable on such date or dates as the Association determines following written notice to the Lot Owners.

Special Assessments for Capital Improvements. In addition to the annual assessments authorized above, the 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 or reconstruction, unexpected repair or replacement of a described capital improvement upon the Common Area, including the necessary fixtures and personal property related thereto, provided that any such assessment shall have the assent of two-thirds (2/3) of the votes of the members who are voting in person or in proxy at a meeting duly called for this purpose, written notice of which shall be sent to all members not less than ten days nor more than fifty days in advance of the meeting, setting forth the purpose of the meeting.

Special Assessments for Capital Improvements. In addition to the annual assessments authorized above, the Association may levy, in any assessment year, a special assessment applicable to that year only for the purpose of

Special Assessments for Capital Improvements. In addition to the annual assessments authorized above, the Association may levy against each owner, 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 any improvement in or upon the Common Area(s) including Open Space Area(s) and other areas under the control of the Association, including without limiting the generality thereof, subdivision entrances, retention ponds, retention, detention areas, the Transitional Area, and Transitional Area, provided that such assessment shall have the assent of two thirds (2/3rds) of the votes of Owners who are then entitled to vote, voting in person or by proxy at a meeting duly called for that purpose.

Special Assessments for Capital Improvements. In addition to the annual assessments, authorized assessments applicable to that year only, for the purpose of defraying, in whole or in part, the cost of any construction or reconstruction, unexpected repair or replacement of a described capital improvement upon the Property or Common Elements, including the necessary fixtures and personal property related thereto, may be authorized by a vote of the Council of Co-owners, provided (1) written notice of the proposed special assessment be included in the notice of any meeting at which the proposed special assessment is to be considered, (2) a quorum of Co-owners is present at the meeting in person or by proxy when the presiding officer calls for a vote on the matter, and (3) the proposed special assessment has the approval of a majority of the votes of those Co-owners present in person or by proxy when the voting takes place.

Special Assessments for Capital Improvements. (1) In addition to the annual operating assessments, the Board my levy, in any fiscal year, special assessments to construct, reconstruct or replace capital improvements within the Common Area to the extent that reserves therefore are insufficient, provided that new capital improvements not replacing or repairing existing improvements which cost over $2,500 shall not be constructed nor funds assessed therefore without the prior written consent of a majority of the Members. Capital improvements less than $2,500 shall be within the authority of the Board. Failure to pay any installment when due shall result in a surcharge of 25 percent of the installment so due and shall be re-levied on each anniversary date until paid. (2) Any such assessment shall be prorated equally among all Members and shall become due and payable on such date or dates as the Board determines, following written notice to the Members; provided, however, that Declarant shall be exempt from all assessments, fees, and expenses as to Lots it owns which are not improved with residences.

Special Assessments for Capital Improvements. In addition to the Assessments authorized above and the special assessment provided for in Article V, Section 4 hereof in the case of an appointed Director, the Association may levy, in anyAssessment Year, a Special Assessment applicable to that Assessment Year only, for the purpose of defraying in whole or in part, the costs of any construction, reconstruction, repair or replacement of a capital improvement upon the Common Ground including fixtures and personal property related thereto, provided that Special Assessments shall be approved by a vote of Owners having at least two-thirds (2/3) of a quorum of the votes of the Association at a meeting at which a quorum is present.