The following is taken directly from the latest versions of the bylaws and the covenants of the Association. For a full document description, please refer to the original documents and their amendments.
Bylaws: (editors note: refer to the original document if you are to quote these words.)
"Assessments" shall mean and refer to the Owners' share of the commons expenses which from time to time is assessed against an Owner by the Association in the manner provided herein and pursuant to the Declaration.
Section 2 .
Duties. It shall be the duty of the Board of Directors to:
(a) Cause to be kept a complete record of all its acts and corporate affairs and to present a statement thereof to the Members at the annual meeting of the Members, or at any special meeting when such statement is requested in writing by one fourth (1/4) of the Members who are entitled to vote;
(b) Supervise all officers, agents and employees of this Association, and to see that their duties are properly performed;
(c) As more fully provided in the Declaration, to:
(1) Fix the amount of the annual assessment against each Residential Unit at least thirty (30) days in advance of each annual assessment period;
(2) Send written notice of each assessment to every Owner subject thereto at least thirty (30) days in advance of each annual assessment period; and
(3) Foreclose the lien against any Residential Unit for which assessments are not paid within thirty (30) days after due date, or bring an action at law against the Owner personally obligated to pay the same, or both, if deemed advisable by the Board.
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Covenants:
ARTICLE V
Assessments
Section 1. Creation 3rd Purpose of General Assessments. There are hereby created
general assessments which shall be levied against each Residential Unit and shall be used
exclusively to pay expenses determined by the Board to be for the benefit of the Association,
its Members, and the Property as a whole, including, but not limited to, improvement,
maintenance and insurance of the Common Property, the enforcement of the Restrictions
contained in this Declaration, the payment of operating costs and expenses of the Association,
the payment of all principal and interest due on all debts owed by the Association, and
expenses otherwise incurred by the Association in accordance with it rights, powers and
privileges for the purposes of promoting the recreation, health, safety, welfare, common benefit
and enjoyment of the Owners and occupants of the Property, and maintaining the Property
and improvements thereon.
Section 2. Creation of Lien and Personal Obligation of Assessments.
(a) Each Owner, jointly and severally, for himself, his heirs, legal representatives,
successors and assigns, by acceptance of a deed for a Residential Unit whether or not it shall
be so expressed in such instrument, is deemed to covenant and agree to pay to the Association,
in accordance with the provisions hereof, annual assessments which may be levied by the
Association pursuant to this Declaration, special assessments for capital improvements and
other charges which may be levied by the Association pursuant to this declaration, and specific
assessments against any particular Residential Units which are levied pursuant to the terms of
this Declaration, including, but not limited to, reasonable fines as may be imposed in
accordance with this Declaration.
(b) All such assessments, together with late charges, simple interest, costs and
reasonable attorneys fees actually incurred to enforce the Declaration, Bylaws and Rules and
Regulations of the Association or collect such assessments, shall be a charge on the Residential
Unit and shall be a continuing lien upon the Residential Unit against which each assessment
is made regardless of conveyance thereof. The Association's lien shall be prior and superior
to all other liens except the lien for ad valorem taxes on the Residential Unit, the lien of any
first mortgage covering the Residential Unit, the lien of any mortgage recorded prior to the
recording of the Declaration and the lien of any secondary purchase money mortgage covering
the Residential Unit, provided neither the grantee nor any successor grantee on the mortgage
is the seller of the Residential Unit. For purposes of this paragraph, the term "purchase money
mortgage" means a Mortgage given to secure a loan, the proceeds of which are used to purchase
a Residential Unit.
(c) The recording of this Declaration shall constitute record notice of the existence
of the lien and no further recordation of any claim of lien for assessments shall be required;
provided, however, the Association may record a Memorandum of Lien in the land records of
Fulton County , Georgia to evidence its claim of lien. Each such assessment, together with late
fees, interest, costs and reasonable attorney's fees actually incurred, shall also be the personal
obligation of the person who is the Owner of such Residential Unit at the time the assessment
came due, and his or her grantee shall be jointly and severally liable for such portion thereof
as may be due and payable at the time of conveyance without prejudice to the grantee's right
to recover from the grantor the amounts paid by the grantee. If the grantor or grantee shall
request a statement from the Association as provided in Section 7(d) of this Article V, such
grantee and his or her successors, successors in title and assigns shall not be liable for nor shall
the Residential Unit conveyed be subject to a lien for any unpaid assessments against such
grantor in excess of any amounts set forth in the statement. In the event that the holder of
a first priority Mortgage or secondary purchase money Mortgage of record, provided the holder
was not the seller of the Residential Unit, or any other person acquires title to any Residential
Unit as a result of foreclosure of any such Mortgage, such holder or other person and his or
her successors, successors in title, and assigns shall not be liable for nor shall the Residential
Unit be subject to any lien for assessments under this Declaration on account of any period
prior to the acquisition of title; provided, however, that the unpaid share of assessments shall be deemed to be a common expense collectible from all of the Residential Unit Owners,
including such holder or other person and his or her successors, successors in title, and assigns.
(d) Assessments shall be paid in such manner and on such dates as may be fixed by
the Board of Directors, which may include, without limitation, acceleration of any assessment
for Owners who are delinquent in the payment of any installment thereof. The general
assessment shall be paid annually and in advance, unless otherwise provided by the Board.
Section 3. Special Assessments. In addition to the assessments authorized elsewhere
herein, the Association may levy a special assessment in any year, which special assessment is
applicable to that year only. Special assessments must be approved by a majority of the
Members of the Association.
Section 4. Specific Assessment. The Board of Directors shall have the authority, from
time to time and in its sole discretion, to assess the following expenses as specific assessments:
(a) any common expenses benefiting less than all of the Residential Units shall be
specially assessed equitably among all of the Residential Units so benefited, as determined by
the Board;
(b) any common expenses occasioned by the conduct of less than all of those entitled to occupy all of the Residential Units or by the licensees or invitees of any such Residential Unit or Residential Units shall be specially assessed against the Residential Unit or Residential Units, the conduct of any occupant, licensee, or invitee of which occasioned any such common expenses;
(c) any common expenses significantly disproportionately benefiting all of the
Residential Units shall be assessed equitably among all of the Residential Units in the
development as determined by the Board; and
(d) nothing contained in subparagraph (a) or (c) of this section shall permit the
Association to specially or disproportionately allocate common expenses for periodic
maintenance, repair, and replacement of any portion of the Common Property which the
Association has the obligation to maintain, repair or replace.
Section 5. Computation of General Assessments. It shall be the duty of the Board
prior to the end of each fiscal year to prepare a budget covering the estimated costs of operating
the Association and the Property during the coming year, which budget may include a capital
contribution to reserves in accordance with a capital budget separately prepared. The Board
shall cause a copy of the budget and the assessments to be levied therefrom to be mailed to each Member at least thirty (30) days prior to the date on which the budget is to become
effective. The budget and assessment established therefrom shall become and be effective unless
disapproved at an annual or special meeting of the Membership by at least a majority of the total
Association vote; provided, however, the annual assessment cannot increase by more than fifteen
percent (15%) over the prior year's assessment unless such increase is approved by he
affirmative vote of the majority of the Members of the Association. Notwithstanding the
foregoing, in the event that the Membership disapproves the proposed budget or the Board fails
for any reason so to determine the budget for the succeeding year, then and until such time as
the budget shall have been determined, as provided herein or by the procedure herein described
repeated as need be, the budget and assessments in effect for the current year shall continue for
the succeeding year.
Section 6. Rate of Assessments. The assessments, both general and special, shall be assessed uniformly against all Residential Units.
Section 7. Effect of Nonpayment of Assessments: Additional Fee.
(a) Any assessments which are not paid when due shall be delinquent. Any
assessment delinquent for a period of ten (10) or more days shall incur a late fee not in excess
of the greater of Ten Dollars (510.00) or ten percent (10%) of the assessment owed. The
foregoing late charge shall not be imposed more than once for the same delinquent payment.
The Association may cause a notice of delinquency to be given to any Member who has not paid
within ten (10) days following the due date. Interest shall accrue on any assessment not paid
when due at the rate of ten percent (10%) per annum from the date the same was first due and
payable. All costs of collection, including court costs, the expenses required for the preservation
of the Residential Unit, and reasonable attorney's fees actually incurred shall also be due and
payable.
(b) Not less than ten (10) days after the notice provided for above is sent by certified
mail, return receipt requested, to the Residential Unit Owner both at the address of the
Residential Unit and at any other address or addresses which the Residential Unit Owner may
have designated to the Association in writing, the Association may foreclose the lien by an
action, judgment and foreclosure in the same manner as other liens for the improvement of real
property. The notice shall specify the amount of the assessments then due and payable together
with authorized attorneys fees, courts costs, late charges and interest accrued thereon. The
Owner is also responsible for the fair rental value of the Residential Unit from the time of the
institution of an action until the sale of the Residential Unit at foreclosure or until judgment
rendered in the action is otherwise satisfied.
(c) If approved by the affirmative vote of two-thirds (2/3) of the Members of the
Association, the Association shall have the power to bid on the Residential Unit at any
foreclosure sale and to acquire, hold, lease, encumber, and convey the same. The lien for
assessments shall lapse and be of no further effect, as to assessments or installments thereof,
together with late charges and interest applicable thereto, which first become due and payable
more than three (3) years prior to the date upon which the notice provided for above is given
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or more than three (3) years prior to the institution of an action therefore if an action is not
instituted within ninety (90) days after giving of the notice.
(d) Any Residential Unit Owner, mortgagee of a Residential Unit, person having
executed a contract for the purchase of a Residential Unit, or lender considering the loan of
funds to be secured by a Residential Unit shall be entitled upon request to a statement from
the Association or its management agent setting forth the amount of assessments past due and
unpaid together with late charges and interest applicable thereto against that Residential Unit.
Such request shall be in writing, shall be delivered to the registered office of the Association,
and shall state an address to which the statement is to be directed. Failure on the part of the
Association, within five (5) business days from the receipt of such request, to mail or otherwise
furnish such statement regarding amounts due and payable at the expiration of such five (5) day
period with respect to the Residential Unit involved to such address as may be specified in the
written request therefor, shall cause the lien for assessments created hereinabove to be
extinguished and of no further force or effect as to the title or interest acquired by the
purchaser or lender, if any, as the case may be, and their respective successors and assigns, and
the transaction contemplated in connection with such request. The information specified in
such statement shall be binding upon the Association and upon every Residential Unit Owner.
The Association may require payment of a fee not exceeding Ten Dollars ($10.00) as a
prerequisite to the issuance of such a statement.
