(1) For the purpose of providing a general fund to enable the Association to exercise the powers, and maintain the improvements and render the services herein provided for, all land within the boundaries of the district except that land owned by Shannon Valley Developments or Mid-America Properties Corporation, in the first day of each fiscal year of the Association as hereinafter defined, shall be subject to an annual assessment which may be levied by the Association from year to year and shall be paid to the Association annually in advance by the respective owners of the assessable land subject thereto, which assessable land shall be deemed to be all of the above-enumerated lots in the aforesaid plat of Shannon Valley Estates, except as herein provided, together with such other land as may from time to time be added to the said district as herein provided. The Association may from year to year fix and determine the total amount required in this general fund and may levy and collect an annual assessment not exceeding $150.00 for each lot within the district as now or hereafter established, provided, however, that if in the sale of land within the district any lot of lots be divided into one or more building sites, each of which building sites shall be for a single residence and may consist of a part or parts of one or more lots as platted, then for the purpose of levying this assessment each of such building sites shall constitute one assessment unit and shall be liable for each annual assessment in the same way and manner as one platted lot under a single ownership. For the purpose of levying this assessment, the Association shall be the sole judge as to what may from time to time constitute a building site under the provisions of this paragraph.
(2) The annual assessment upon each lot or building site as aforesaid may be increased by an amount not exceeding fifty percent of the $150.00 maximum annual assessment which the Association may levy and collect from year to year, provided that at a meeting of the members specially called for that purpose, prior to the date on which the assessment is levied for the year for which such increase is proposed, fifty-one percent of the members present at such meeting may authorize such an increase by an affirmative vote therefore, and provided, further, that the annual assessment upon each lot or building site as aforesaid may be increased by an amount not exceeding one hundred percent of the said $150.00 maximum annual assessment, provided that at a meeting of the members specially called for that purpose, prior to the date on which the assessment is levied for the year for which such increase is proposed, fifty-one percent of the members present at such meeting may authorize such an increase by an affirmative vote therefore. Whenever the Association may deem it advisable to submit to the members a proposal for increasing the amount of the annual assessment for a particular year, it shall notify the members of the Association by mailing to such members at the last known address, with United States postage thereon prepaid, a notice of such meeting, giving the time and place at which it is to be held and the fact that an increase in the amount of the annual assessment is to be voted upon at such meeting. No increase in the amount of the annual assessment may be made for more than one year at a time.
(3) The first assessment shall become due on the first day of the month following the conveyance of the home in Shannon Valley Estates, as shown in Plat Book 41, at Page 43, of the Register of Deeds of Johnson County, Kansas, aforesaid, from Shannon Valley Developments or a builder to a third-party owner-occupant; this initial assessment shall be in an amount not exceeding $12.50 for each full calendar month beginning with said assessment date to and including the next succeeding month of May. Thereafter, assessments shall be for the fiscal year beginning June 1, and they shall be fixed and levied prior to June 1st of each such year and shall be payable on that date, and thereafter it shall be due and payable on June 1st of each year. It will be the duty of the Association to notify all owners whose address is listed with the Association on or before that date, giving the amount of the assessment on each tract of land owned by them, and the date when such assessment is due. Failure of the Association to levy the assessment prior to June 1st of each year for the next succeeding fiscal year beginning on June 1st shall not invalidate any such assessment made for that particular year; nor shall failure to levy an assessment for any one year affect the right of the Association to do so for any subsequent year. When the assessment is made subsequent to June 1st of any year, then it shall become due and payable not later than thirty days from the date of levying the assessment.
(4) A written or printed notice, deposited in the United States Post Office, with postage thereon prepaid, and addressed to the respective owners at the last address listed with the Association, shall be deemed to be sufficient and proper notice for these purposes, or for any other purpose of this Declaration where notices are required.