Initiation Fee. Upon the conveyance of ownership of a Unit, including all resales, an initiation fee shall become due and payable to the Association by each new Owner. The amount of the initiation fee shall be Five Hundred Dollars ($500.00), to be paid immediately upon the conveyance of ownership. The Board may periodically adjust the amount of the initiation fee. Such adjustments shall not exceed ten (10) percent annually.
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