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ARTICLE XI: ASSESSMENT
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Section 1. As more fully provided in the Declaration, each Member is obligated to pay to the Association annual and special assessments, and other charges (see Section 6, Article XVI of the Declaration), which are secured by a continuing lien upon the Property against which the assessment or other charge is not paid when due shall be delinquent. If the assessment or other chard is not paid within thirty (30) days after the due date, the assessment or other charges shall bear interest from the date of delinquency at the rate of 12 percent (12%) per annum, and the Association may bring an action law against the Owner personally obligated to pay the same or foreclose the lien against the Property, and interest, cost, and reasonable attorney's fees of any such action shall be added to the amount of such assessments or other charges.
No owner may waive or otherwise escape liability for the assessments provided herein by nonuse of the Common Areas or Common Maintenance Areas or abandonment of the Owner's lot. The personal liability of any Owner for the delinquent assessments or other charges shall not pass to his or her successors in title unless expressly assumed by them. Liens for delinquent assessments and other charges shall be recorded in the of King County Recorder.
Section 2. The assessments levied by the Association under Article VIII of the Declaration shall exclusively to promote the reaction , health, safety and welfare of the residents of the Properties and for the improvements and maintenance of the Common Areas and Common Maintenance Areas (as provided in Article VII of the Declaration).
Section 3.
- Until January 1, 1994 the annual assessment shall be $210 per Lot; twenty-five percent (25%) of which shall be allocated and paid to the Declarant for plat management services provided by Declarant (or by professional management firm hired by Declarant). Such allocation of funds to the Declarant shall cease when the Development Period Expires and the Association assumes collection cost, bookkeeping and other management responsibilities.
- The annual assessments described in this Article XI shall commence in the first calendar month following recording of the plat of Belmont Woods, or any division thereof. If the plat is recorded divisions, then the annual assessment shall only apply to those Lots recorded within each division based on the date each division is recorded. The first annual assessment of each Lot Owner shall be adjusted according to the number of months remaining in the calendar year calculated from the date of recording the division in which each lot is located.
- The annual assessment may be increased (after December 31, 1994) during the Development Period to reflect increased (1) maintenance cost, (2) repair costs, or (3) plat management cost. All increase during Development must directly reflected increases in the above-recited cost.
- After the Development Period expires, the maximum annual may not be increased each year more that ten percent (10%) over the previous year without a vote of the membership pursuant to Section 3(e) of this Article XI in the Bylaws.
- After the Development Period expires, the maximum annual assessment may be increased by more than ten percent (10%) over the previous year's maximum annual assessment if two-thirds (2/3) of the Members of the Association, who are voting in person or by proxy at a meeting duly called for this purpose, consent to such increase.
- After the Development Period expires, the Board of Directors shall fix the annual assessment in accordance with the above-recited standards.
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