No significant changes
Reworded for clarity and brevity.
OLD:
(Article XVII)
1. Annual dues and assessment shall be fixed by the Board of Directors prior to the beginning of each Budget year and shall be owed in full by each member regardless of the date when membership commences or terminates. Notwithstanding the above;
a. where as a result of the sale of real estate in the Lake Heritage Subdivision the seller terminates and the purchaser commences membership in the corporation, each may be excused from paying a full amount of annual dues and the assessment of the Budget year of sale or purchase and may have such sums prorated between seller and purchaser upon the condition that all dues, assessments, penalties, late charges and attorneys fees owed by the seller of such lot or lots shall have been paid in advance of settlement or escrowed at settlement and paid over to Lake Heritage Property Owners Association within seven (7) days after settlement, or
b. if after the sale of real estate in the Lake Heritage Subdivision, the seller remains a member, by virtue of ownership of other lots, and the purchaser becomes a member of the Association, then the dues of the seller may not be prorated, but the assessments for the lot subject to sale may be prorated for and in such circumstance, the dues of the purchaser may be prorated the portion of the remaining budget year if such sum is paid within seven (7) days after settlement.
2. Any member of the Property Owners Association who at any time does not own real estate in the Lake Heritage Subdivision shall have such membership terminated automatically and shall not be entitled to any of the rights and privileges accompanying such membership.
3. Nothing herein contained shall excuse a purchaser from making formal application for membership upon the records of the corporation.
NEW:
(Article VI)
The proration of dues occurs at the time of exchange of ownership of property (typically through the real estate settlement process). There are two scenarios: the current owner(s) sells the property and moves out of Lake Heritage or the current Member retains Membership in the Association by virtue of ownership of other lots. These two scenarios are handled as follows:
a. Seller does not retain Membership: As a result of the sale of real estate in the Lake Heritage Community, the seller’s Membership terminates and the purchaser commences Membership in the Association; each may be excused from paying a full amount of annual dues and the assessment of the budget year of sale or purchase, and may have such sums prorated between seller and purchaser upon the condition that all dues, assessments, penalties, late charges and attorney’s fees owed by the seller of such lot or lots shall have been paid in advance of settlement or escrowed at settlement, and paid to LHPOA within seven (7) days after settlement.
b. Seller retains Membership: If after the sale of real estate in the Lake Heritage Community, the seller remains a Member, then the full set of dues of the seller may not be prorated. Only the assessments for the “lot” subject to sale may have such assessments prorated between seller and purchaser and a balance set dues of the purchaser may be prorated equal to the portion of the remaining budget year and paid to LHPOA within seven (7) days after settlement.
CHANGES:
1. Annual dues and assessment shall be fixed by the Board of Directors prior to the beginning of each Budget year and shall be owed in full by each member regardlessThe proration of dues occurs at the time of exchange of ownership of property (typically through the real estate settlement process). There are two scenarios: the current owner(s) sells the property and moves out of Lake Heritage ofr the date when membership commences or terminates. Notwithstanding the above;
a. where acurrent Member retains Membership in the Association by virtue of ownership of other lots. These two scenarios are handled as follows:
b. iSeller retains Membership: If after the sale of real estate in the Lake Heritage SubdivisionCommunity, the seller remains a mMember, by virtue of ownership of other lots, and the purchaser becomes a member of the Association, then thethen the full set of dues of the seller may not be prorated, but. Only the assessments for the “lot” subject to sale may be prorated for and in such circumstance, thehave such assessments prorated between seller and purchaser and a balance set dues of the purchaser may be prorated equal to the portion of the remaining budget year if such sum is paid within seven (7) days after settlement.
2. Any member of the Property Owners Association who at any time does not own real estate in the Lake Heritage Subdivision shall have such membership terminated automatically and shall not be entitled to any of the rights and privileges accompanying such membership.
3. Nothing herein contained shall excuse a purchaser from making formal application for membership upon the records of the corporationand paid to LHPOA within seven (7) days after settlement.