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2025 Assessment Increase

Date: May 07, 2025

At the open meeting held on May 6, 2025, the Board of Directors reviewed the estimated budget expenses for the year and determined that the current assessment rate is insufficient to support the Association’s operating needs. As a result, and following a unanimous vote, the Board has approved an increase to the remaining 2025 regular annual assessments.

Effective July 1, 2025, the Regular Quarterly Assessments will increase from $642.60 to $692.60 per quarter. This change will apply to the July and October 2025 payments, which will be due on July 1 and October 1, 2025.

Article 9 COVENANT FOR ASSESSMENTS THIRD AMENDMENT
9.4.1 Regular Assessments. Regular Assessments are based on the annual budget. If the Board does not approve an annual budget or fails to determine new Regular Assessments for any year, or delays in doing so, Owners will continue to pay the Regular Assessment as last determined…If during the course of a year and thereafter the Board determines that Regular Assessments are insufficient to cover the estimated Common Expenses for the remainder of the year, the Board may increase Regular Assessments for the remainder of the fiscal year in amount that covers the estimated deficiency up to fifty percent (50%) without a vote of the Owners as set forth in Section 9.3.1 above.

If you use auto-pay through your bank, please update your payment settings to reflect the new amount before the July 1, 2025 due date.

If you have any questions, please contact Essex Association Management, L.P. by visiting www.wadesettlementhoa.com. Navigate to the “Contact Us” tab and submit a web inquiry.

Sincerely,

Essex Association Management, L.P.
Managing Agent for Wade Settlement Homeowners Association

Wade Settlement HOA