City of Sikeston, MO
Scott County
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Table of Contents
Table of Contents
[R.O. 2009 §16.50.700]
The owner of each lot within the Sikeston Business, Education and Technology Park, by acceptance of a deed therefor and whether or not it is expressed in such deed, is deemed to covenant and agree to pay all annual assessments, special assessments and charges within thirty (30) days from date of receipt of a statement of assessment or charge. The annual and special assessments and charges, together with interest accruing on delinquent accounts, plus costs incurred in collecting delinquent accounts including reasonable attorney fees, shall be a charge on the lot and shall be a continuing lien upon the lot or portions thereof, against which each assessment and charge is made, and shall also be the personal obligation of the person who was the owner of the lot on the effective date of the assessment or charge. The personal obligation for delinquent assessments and charges shall pass to successors in title and the lien shall continue to be a charge upon the lot.
[R.O. 2009 §16.50.701]
Following generally accepted accounting principles, the Board of Trustees shall establish its annual operating budget to run from January first (1st) through December thirty-first (31st) of each year, which shall make provision for all expenditures necessary for carrying out the duties of the Board, including expenditures for maintenance, taxes and insurance on the common area, public rights-of-way and such easements the Board is obligated to maintain or improve and to cover the operating expenses of the Board. Effective January first (1st) of each year, the Board shall set an annual assessment upon each lot owned within the property, such that the aggregate amount of the annual assessments will be sufficient to provide funds for all projected expenditures during the budget year. The amount of the annual assessment to be charged to an owner shall be determined as follows:
The Board shall determine the total square footage of all lots owned within the property effective January first (1st) of the budget year. The total annual assessment to be made for the budget year shall then be divided by the total square footage of all lots owned and the quotient shall be the assessment to be charged for the year for each square foot of lot owned ("square footage assessment").
The annual assessment for the owner of a lot on January first (1st) of the budget year shall be an amount equal to the product of the square footage assessment multiplied by the number of square feet owned by the owner.
An owner to whom a lot is conveyed after January first (1st) of the budget year shall be assessed as provided in Subsection (2) above, except that the assessment shall be prorated on the basis of 1/365th of the total amount of the assessment for each day remaining in the budget year after the date of conveyance.
If the aggregate annual assessment for any year is insufficient to meet obligations and expenses for that year, the Board may impose a supplemental assessment for that year to cover such expenses and so notify the owners. Unexpended funds may be carried over from one budget year to the next and shall be accounted for in setting the annual assessment for the year into which unexpended funds are carried over.
[R.O. 2009 §16.50.702]
In addition to the annual assessment, the Board may levy a special assessment in any year for the purpose of making a capital improvement upon the common area or for the purpose of defraying, in whole or in part, the costs of any reconstructions, repair or replacement of a capital improvement upon the common area, including fixtures and personal property related thereto. Special assessments shall be charged in the same manner as annual assessments as described in Section 420.600 above.
[R.O. 2009 §16.50.703]
The obligation of an owner for payment of the annual assessment shall commence to run as of the date of conveyance of a lot to the owner; otherwise, the annual assessment for each lot provided for herein shall commence on January first (1st) of each calendar year. Written notice of the amount of the annual assessment shall be sent to every owner. The Board shall, upon request and for a reasonable charge, furnish a certificate setting forth whether the assessments on a specified lot have been paid.
[R.O. 2009 §16.50.704]
Each owner shall be deemed to covenant and agree to pay to the Board the assessments provided for herein and to consent to the enforcement of the assessments in the manner herein specified. In the event the Board employs an attorney for collection of any delinquent assessment, whether by suit or otherwise or to enforce compliance with the terms and conditions of this Declaration or for any other purpose in connection with breach of this Declaration, the owner subject to such suit or other action shall be obligated to pay reasonable attorney fees and costs thereby incurred in addition to any other amounts due or any other relief or remedy obtained against said owner. In the event of a default in payment of any assessment when due, the assessment shall be deemed delinquent and shall bear interest at the rate of eighteen percent (18%) per anum commencing on the due date and in addition to any other remedies herein or by law provided the Board may enforce each such obligation in any manner provided by law or inequity.
[R.O. 2009 §16.50.705]
The Board may cause an action at law to be commenced and maintained in the name of the Board against any owner to enforce any delinquent assessment obligation. Any judgment rendered in any such action shall include the amount of the delinquency, together with interest thereon at the rate of eighteen percent (18%) per annum from the date of the delinquency, court costs and reasonable attorneys' fees in such amount as the court may adjust against the delinquent owner.
[R.O. 2009 §16.50.706]
There is hereby created a claim of lien with power of sale on each and every lot within Sikeston Business, Education and Technology Park to secure payment to the Board of any and all assessments levied against any and all such lots under this Declaration, together with interest thereon at the rate of eighteen percent (18%) per annum from the date of delinquency, and all costs of collection which may be paid or incurred by the Board in connection therewith, including reasonable attorneys' fees. At any time within thirty (30) days after the occurrence of any default in the payment of any such reassessment, the Board may serve written demand for payment on the defaulting owner. The demand shall state the date and the amount of the delinquency. Each default shall constitute a separate basis for a demand or claim of lien or a lien, but any number of defaults may be included within a single demand or claim or lien. If such delinquency is not paid within ten (10) days after delivery of such demand, the Board may elect to file claim of lien against the lot of the defaulting owner. The claim of lien shall be executed and acknowledged on behalf of the Board and shall contain the following information:
The name of the delinquent owner;
The legal description or street address of the lot against which claim of lien is made;
The total amount claimed to then be due and owing for the amount of the delinquency, interest thereon and collection costs and attorneys' fees previously incurred;
The claim of lien is made by the Board pursuant to the Sikeston Business, Education and Technology Park Declaration; and
A lien is claimed against said lot in the amount stated.
Upon recordation of a duly executed original or copy of such a claim of lien and mailing a copy thereof to said owner, the lien claimed thereon shall immediately attach and become effective in favor of the Board as a lien upon the lot against which such assessment was levied. Such a lien shall have priority over all liens or claims created subsequent to the recordation of the claim of lien thereon, excepting only tax liens for real property taxes on any lot and assessment on any lot in favor of any municipal or other governmental assessing unit. Any such lien may be foreclosed by appropriate action in court or in the manner provided by law for the foreclosure of a trust deed, with a power of sale, as set forth by the laws of the State of Missouri, as the same may be changed or amended. The lien provided for herein shall be in favor of the Board of Trustees and shall be for the benefit of the Board.
[R.O. 2009 §16.50.707]
The lien of the assessment provided for herein shall be subordinate to the lien of any previously recorded mortgage or deed of trust. Sale or transfer of any lot shall not affect the assessment lien.