ARTICLE EIGHT - Assessments
Section One: Initial Contribution, Annual Assessments Each Lot owner, at the time of purchase of their lot, shall make a start-up contribution to the Association in the amount of $250 00 At the time of the Incorporation of the Association there are no annual assessments Annual assessments may be assessed by the board following the procedure set forth in section three of this article The Developer shall be exempt from the initial contribution during the development period.
Section Two: Types of Assessments Each Lot shall be subject to monthly or annual assessments or charges, and certain special assessments, in an amount to be determined by the Association.
Section Three: Determination of Amount The Board of Directors of the Association shall determine the amount of assessments necessary to pay Common Expenses The amount of assessments may be increased or decreased periodically as may be necessary to provide for payment of the Common Expenses The amount of such assessments shall be equal for all Lots There shall be no assessment for Lots owned by Developer, without the consent of the Developer The Association may create and maintain from assessments a reserve fund for replacement of those Common Area improvements that can reasonably be expected to require maintenance or replacement Written notice of all assessments shall be given to each Owner If the Board fails to fix an assessment for a fiscal year, the assessment shall be automatically continued at the sum previously set by the Board until such time as the Board acts.
Section Four: Certificate of Payment The Association shall, upon written demand, furnish a certificate in writing setting forth whether the assessment on a specified Lot has been paid A reasonable charge may be made for the issuance of the certificate Such certificate shall be conclusive evidence of payment of any assessment stated to have been paid.
Section Five: Special Assessments In addition to the assessments authorized above, the Association, by its Board of Directors may levy, in any year, a special assessment applicable to that year only, for the purpose of defraying the cost of any construction or reconstruction, unexpected repair or replacement of facilities in the Common Areas However, the Developer shall not be obligated to pay any special assessments on Lots owned by the Developer Assessments may be made based upon the estimated cost of such work, prior to the work's commencement, provided such estimate has been provided by a contractor retained by the Board for the purpose of such estimate All special assessments for construction of new facilities or acquisition of new equipment, which is not for the upgrade, repair or replacement of existing construction or equipment, shall require approval of two-thirds the Members.
Section Six: Reserved The provisions related to additional real property do not apply.
Section Seven: Fines Treated as Special Assessments Any fines levied by the Association pursuant to RCW Chapter 64 38 (or successor statute authorizing the imposition of fines) shall be treated as a special assessment of the Owner fined, and may be collected by the Association in the manner described in Article Nine.
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