Declaration of CC & Rs-Redwood Shores Owners Association

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•t 1 for the following year to be delivered to each Owner at least fifteen (15) days prior to the meeting. The budget and the as- 0 sessments shall become effective unless disapproved at the meet- ° ing by a vote of at least a majority of the total Association a., membership. Notwithstanding the foregoing, however, in the event the membership disapproves the proposed budget or the Board fails for any reason so to determine the budget for the W wsucceeding year , then and until such time as a budget shall J have been determined as provided herein, the budget in effect N a4 for the then current year shall continue for the succeeding year . Except as provided in Article VIII, Section 1, the Board may not, without the vote or written assent of a majority of (;n the voting power of the Association residing in members other. than Declarant, impose a regular annual assessment per subdivi- sion interest (lot/unit) which is more than twenty (20%) percent greater than the regular assessment for the immediately preced- ing fiscal year, or levy special assessments which in the aggre- gate exceed five (5%) percent of the budgeted gross expenses of the Association for that fiscal year, or incur aggregate expen- ditures for capital improvements to the Common Area in any fis- cal year in excess of five (5%) percent of the budgeted gross expenses of the Association for that fiscal year. 1�{ 3,3 Section 3. Special Assessments. In addition to the assessments authorized in Section 1, the Association may levy a special assessment in any year applicable to that year. > a " /:`' '4 -2 5- ■ w w f 1•.+'.