The Assessment is the periodic amount due from each homeowner to cover the operating expenses associated with the Association Common Property, the Lifestyle Community program, the Residential Maintenance Free Landscape Program, and reserve funds for the maintenance/replacement of Community infrastructure. The Assessment does not include expenses for the external (or internal) maintenance of residential homes. The Board of Directors sets the amount of the annual assessments which are payable quarterly.
Articles VI and VII of the Declaration of Covenants (i.e., Cobblestone Governing Documents) provides that the owner of each lot, by acceptance of a deed shall be obligated and agrees to pay the assessments. Special Assessments may also be incurred as defined in Article VII of the Declaration of Covenants. These assessments may be due to but not limited to events such as fires, strong winds, storms, or other unplanned occurrences.