Section 1: Each Owner is deemed to covenant and agree to pay the Association:
- An annual assessment or charge.
- Special assessments for capital improvements.
- Purposes of Assessment. The assessments shall be used exclusively for the purposes as set forth in the Covenants and Restrictions for Westridge Auburn (aka Calla Crest).
Section 2: Annual Assessment. Within thirty (30) days after the adoption by the Board of Directors of any proposed regular or special budget of the Association, the Board shall set a date for a meeting of the owners to consider ratification of the budget not less than fourteen (14), nor more than sixty (60) days after mailing of the summary. Unless at that meeting the owners of a majority of the votes in the Association reject the budget, in person or by proxy, the budget is ratified, whether or not a quorum is present. In the event the proposed budget is rejected, or the required notice is not given, the periodic budget last ratified by the owners shall be continued until such time as the owners ratify a subsequent budget proposed by the Board of Directors.
Section 3: Special Assessments for Capital Improvements. In addition to the annual assessments authorized above, the Association may levy special assessments for capital improvements. Any such levy by the Association shall be for the purpose of defraying in whole or in part, the cost of any construction or reconstruction, or replacement of a described capital improvement upon the common areas as defined in the Covenants and Restrictions of Westridge Auburn (aka Calla Crest), provided that any such assessment shall have the assent of 66% of the votes of all lot owners, written notice of which shall be sent to all Owners not less than thirty (30) days, nor more than sixty (60) days in advance of the meeting setting forth the purpose of the meeting.
Section 4: Uniform Rate. Both annual and special assessments shall be fixed at a uniform rate for all lots. In the event the annual assessment is increased or decreased as provided for in these Bylaws, then the new assessment rate shall begin on the first day of the year following the meeting at which the annual assessment rate was changed. The due date of any special assessment as provided herein shall be fixed by the resolution authorizing such assessment.