JohnC46 (South Carolina)
Posts: 14,265
Posts: 14,265
Posted:
This question comes as a result of a different post. To set the stage:
Let us say ones Covenants say a Special Assessment cannot extend longer than one year. Let us also say there is a need for a Special Assessment for a very expensive project for let us say, roof replacement/road paving, that would create a very large individual assessment for one year. Let us say to the tune of $2,400.00 per unit, for one year in order to pay for it over the one year.
Could a "Special, Limited (call it whatever) Amendment be approved by the owners to override this one year limit for a one time "clearly defined" deal? Say a Special Road Paving Amendment of say $50.00 per month, per unit for 4 years (total of $2,400 per unit)?
Forget the improper Reserve comments. This is not the issue.
My initial blush is they could if the "proper" amount of people (as defined in the docs required for an amendment change) vote for it. Kind of like a yes, but..............LOL
Let us say ones Covenants say a Special Assessment cannot extend longer than one year. Let us also say there is a need for a Special Assessment for a very expensive project for let us say, roof replacement/road paving, that would create a very large individual assessment for one year. Let us say to the tune of $2,400.00 per unit, for one year in order to pay for it over the one year.
Could a "Special, Limited (call it whatever) Amendment be approved by the owners to override this one year limit for a one time "clearly defined" deal? Say a Special Road Paving Amendment of say $50.00 per month, per unit for 4 years (total of $2,400 per unit)?
Forget the improper Reserve comments. This is not the issue.
My initial blush is they could if the "proper" amount of people (as defined in the docs required for an amendment change) vote for it. Kind of like a yes, but..............LOL