Each Owner-Member is deemed to covenant and agree for himself and Resident-Members of his Unit to pay to the Association all Regular, Special, and any Individual Assessments in respect to each Unit or Lot owned.
Section 2
Purposes of Assessments.
The purposes of Assessments of the Association are:
To provide recreational and enrichment opportunities and facilities for Members' use.
To maintain, improve, repair, and replace Association Properties.
To pay the expenses and debts of the Association.
To pay for the administration of the Association.
Section 3
Regular Assessments.
The Board shall establish the Regular Assessments and notify the Members at least thirty (30) days prior to the beginning of the fiscal year. Regular Assessments shall be due on the first day of the fiscal year, and become delinquent thirty (30) days after they are due.
Persons leaving the Association and requesting one will be paid a rebate on a per-month basis, where applicable.
The King City Apartments shall pay one-fourth (1/4) of the Regular Assessments on the first day of each calendar quarter. Payments are delinquent thirty (30) days after they are due. [Amended by 2006-047978]
The King City Apartments shall pay one-twelfth (1/12th) of the Regular Assessments on the first day of each month. Payments are delinquent fifteen (15) days after they are due. Notwithstanding any other provision of this Declaration, the King City Apartments shall be assessed a late fee equal to One Hundred and No/100 Dollars ($100.00) for every fifteen (15) day period, or portion thereof, that any portion of such monthly Regular Assessment is delinquent, beginning on the fifteenth (15") day after the assessment first becomes due.
Section 4
Special Assessments and Transfer Fees.
The Board, by a two-thirds (2/3) vote, may propose a Special Assessment. The levy of a Special Assessment shall require the approval of a majority vote of the Owner-Members who cast ballots. A Special Assessment shall be due when specified, or if no date is specified, then thirty (30) days after notification. Funds from Special Assessments shall be used only for the purposes specified.
There shall be a Transfer Fee imposed upon the purchase of any Unit subject to this Declaration. The Transfer Fee shall equal one percent (1%) one and one-half percent (1.5%) [Amended by 2015-078548] of the purchase price, not to exceed One Thousand and ?/100 Dollars ($1,?00.00), [Amended by 2006-038796] per Unit. The Transfer Fee for the apartment complex shall equal a total of One Thousand and No/100 Dollars ($1,000.00) for the first transfer of complex ?, and thereafter the Transfer Fee shall equal [Amended by 2006-038796] Two Hundred and No/100 Dollars ($200.00) per apartment Unit.
Due Date of Payment.
The Transfer Fee shall be due upon the recordation of a deed or any other instrument which transfers the possession and equitable ownership in any Unit subject to this Declaration. The Transfer Fee shall be the personal obligation of the purchaser, and shall be a lien against the Property, the sale of which gives rise to the fee. No Transfer Fee shall be imposed in connection with the lease or rental of any Property or the acquisition of Property by foreclosure of a security interest or by a deed in lieu of foreclosure.
Exemptions.
Upon written application for exemption, the Board shall grant an exemption from the Transfer Fee with respect to:
Any transfer made, without consideration, for estate planning purposes.
Any transfer made solely for gift purposes.
Any transfer to beneficiaries of an estate or testamentary trust.
Any acquisition of a Unit made within six (6) months following the Buyer's disposition of another Unit within the Association.
Use of Transfer Fees.
The Transfer Fees collected pursuant to this Section 4.B. shall be used for capital items, for major repairs, remodeling, renovation, additions to or replacement of real or personal property, and not to fund Association operations.
Section 5
Individual Assessments.
Individual Assessments may be levied against a Member after notice and the opportunity for a hearing.
As a fine imposed by the Board for failure to comply with the Documents.
As reimbursement to the Association for costs incurred for repair of damage to the facilities for which the Member was responsible.
As reimbursement to the Association in performing obligations of a Member upon failure of a Member to maintain the Member's Property according to the Documents, following reasonable notice.
Section 6
Allocation of Regular and Special Assessments.
Regular Assessments shall be charged to Owner-Members on the basis of the number of Resident-Members occupying such Owner-Member's Unit. The Owner of a vacant Unit or Lot will be charged as if the Unit were occupied by one (1) Resident-Member. Special Assessments shall be levied against all Property subject to this Declaration on a per Unit or Lot basis.
Section 7
Delinquent Assessments.
Assessments are the personal obligation of the Owner-member against whose Unit or Lot they are assessed, and are delinquent thirty (30) days after they are due. If an Assessment is delinquent, the Association may recover all of the following:
A late charge to be established by the Board.
All costs, including reasonable attorneys' fees, incurred in collecting the delinquent Assessment.
Section 8
Assessment Lien.
The Assessments, together with late charges, collection costs, and attorneys' fees, shall be a charge and a continuing lien upon the Unit or Lot against which each Assessment is made. The lien becomes effective upon recording with Washington County of a Notice of Delinquent Assessment. An Assessment lien may be foreclosed in any manner provided by applicable law. The Assessments, any collection costs, and attorneys' fees shall be the personal obligation of the Owner of a Unit or Lot at the time when the Assessments are levied. If more than one (1) person or entity is the Owner of a Unit at the' time the Assessments fall due, the personal obligation to pay each Assessment shall be joint and several. The personal obligation for delinquent Assessments shall not pass to any transferee unless expressly assumed by that person. No Owner may be exempt from liability for these Assessments by waiver of the use of Association Properties.