(ix) for obtaining property and liability insurance and other types of insurance as may be deemed advisable by the Association;
(x) for the purpose of entering into agreements with other adjacent community associations or property owners for joint use or sharing in facilities as may be deemed advisable by the Association; and
(xi) for the ordinary and usual business of a not-for-profit corporation and for such other purposes as are consistent with the powers, rights, authorities and privileges of the Association.
Section 3. Capital Contribution to Association.
Upon the first conveyance of a Lot by the Declarant or an Approved Builder to a non-declarant, each purchaser or new Owner shall be required to pay a membership fee to the Association in the amount of Two Hundred and No/100 Dollars ($200.00), at the time of the initial conveyance of such Lot. This fee shall be paid by the first purchaser of each Lot at the time of, and as an incident of, the closing of the Lot sale, but shall be in addition to the settlement or closing costs for the Lot purchase, and not a part thereof. This contribution to the Association shall be a one time charge applicable only to the first sale of a Lot by the Declarant or an Approved Builder to a non-declarant. At the time of each such sale by the Declarant or an Approved Builder to a non-declarant, Declarant or an Approved Builder, as the case may be, agrees to pay a one time capital contribution to the Association of $200.00 for that Lot.
Section 4. Annual Assessments.
There shall not be any annual assessments until the 1995 calendar year. Beginning in 1995, the maximum annual assessment, which may be established by the Board of Directors, shall be $240.00 per year for Class A members.
(a) From and after January 1, 1996, the maximum annual assessment may be increased by the Board of Directors effective January 1 of each year without a vote of the membership in
