Annual Dues Increas

Just wondering how does this read?
Is the max amount 500.00 or can it be increased by 10% per year? I think we use to pay $425.00 (dues were in 2021 $544.50)

Section 5. Annual Membership Assessment. Subject to the following sections, the initial maximum
annual assessment for each of the Lots to which Class A membership is appurtenant shall not exceed the
sum of FIVE HUNDRED AND NO/JOO ($500.00) Dollars per annum for each Lot.
Anything in this act of dedication, or the articles or by-laws of the Association to the contrary,
notwithstanding, no Lot held by the Developer shall be subject to any annual or special assessments
provided for in this act of dedication, or in the articles or by-laws of the Association until three (3)
months following the lapse of all of the Class B memberships as provided for in Article V of this act of
dedication.

Section 6. Increase in Maximum Assessment,
A) From and after January I, 2004, the maximum annual assessment for all Class A
memberships hereinabove may be increased by the Board of Directors of the Association without a vote
of the membership, by an amount equal to ten percent ( I 0%) of the maximum annual assessment for the
preceding year.
B) From and after January I, 2004, the maximum annual assessment for all Class A
memberships hereinabove provided may be increased above that established in the preceding "Section
5" by an affirmative vote of fifty one percent (51%) of the Class A and Class B members. A meeting of
the members shall be duly called for this purpose, written notice of which shall be sent to all of the
Class A and Class B members at least ten (JO) days in advance of such meeting, which notice shall set
forth the purpose of such meeting

I agree with MaxB4. The INITIAL maximum is $500. After the first year, the board can raise it 10% every year without membership approval and it can be raised any amount with 51% membership approval.