CAMDEN PLACE SUBDIVISION
New Homeowner Initiation Fee
WHEREAS, this amendment shall be effective on the date it is recorded in the Cobb County,Georgia land records ("Effective Date"); and
NOW, THEREFORE, the Declaration is hereby amended as follows:
Article IV of the Declaration is hereby amended by adding thereto the following new Section 4.09:
4.09 Initiation Fee Assessment. Upon each and every transfer or conveyance of a Lot, the purchaser or grantee becoming the Owner of the Lot shall be assessed and obligated to pay to the Association,in addition to all other assessments levied under this Declaration, a non- refundable, non-prorated initiation fee assessment of one thousand five hundred dollars ($1,500.00) (hereinafter, the"Initiation Fee Assessment"). The Initiation Fee Assessment shall be due and payable at the time of each such transfer or conveyance and shall be collected and paid to the Association at or upon the closing or date of each transfer or conveyance.
All future increases in the Initiation Fee must be approved by at least two-thirds (2/3rds) of those Owners present or represented by proxy at a duly called meeting of the members, notice of which shall specify the purpose of such meeting is to consider an increase in the Initiation Fee. The notice and quorum requirements set forth in Section 4.06 shall apply to any meeting(s) called for the purpose of increasing the Initiation Fee.
The Initiation Fee Assessment shall not constitute an advance payment of the annual assessment and is in addition to the annual and all other assessments levied against the Lots. Notwithstanding anything to the contrary in this Declaration,the Initiation Fee Assessment shall constitute an assessment under the Declaration and shall be a continuing lien against each transferred Lot and a personal obligation of the Owner of the Lot and of any of such Owner's successors-in-title. The collection of the Initiation Fee is enforceable in the same manner provided in Section 8.04 of this Declaration for the collection of all other assessments and charges. Notwithstanding the foregoing,the Initiation Fee Assessment shall not be due from (i) any grantee who is the spouse or former spouse of the grantor; or (ii) any grantee who is the heir of a deceased Owner and to whom the Lot is transferred via will or laws of intestacy.