Special Assessments

BELLECREST ESTATES

A RESOLUTION OF THE BOARD OF DIRECTORS OF BELLECREST ESTATES, INC. (“BELLECREST” OR “CORPORATION”), LEVYING A SPECIAL ASSESSMENT FOR ROAD IMPROVEMENTS AGAINST SUBSEQUENT SUBDIVISION OF LOTS WITHIN BELLECREST EXISTING AS OF AUGUST 10, 2000.

WHEREAS, the Board of Directors is authorized to propose the levying of special assessments against the properties within Bellecrest; and

WHEREAS, the levying of such special assessments is subject to the approval of the membership; and

WHEREAS, the Board proposes the levying of an on-going special assessment in the event of subdivision of any of the properties within Bellecrest, which are improved by road construction performed pursuant to a resolution of the Board approved and implemented on August 10, 2000, until such time as the improvements are fully amortized; and

Whereas, the Board further recommends annual approval of this special assessment at the annual meetings of the membership, by inclusion of such approval as a part of the approved budget at the membership general meetings in each year;

NOW THEREFORE BE IT RESOLVED by the Board of Directors of Bellecrest Estates as follows:

Section 1. There is hereby levied a special assessment on subdivisions of property occurring within Bellecrest between August 10, 2000 and December 31, 2014, in accordance with the terms of this resolution.

Section 2. This special assessment shall be calculated as follows:

a. The original road assessment of Three Thousand Nine Hundred and Sixty Dollars ($3,960.00) imposed on August 10, 2000, shall be multiplied by a percentage calculated as the number of years, as a whole number, remaining between the year of the final approval of the subdivision at issue, and 2014, divided by 15.

b. The amount so determined shall be further multiplied by the number of new lots created by the subdivision.

c. The result of the calculation in Subparagraph b, shall be added to the amount remaining unpaid of the original assessment of August 10, 2000, to determine the total amount of special assessment to then be applicable to the subdivision.

d. The total number of lots to which the assessment is applicable shall then be divided by the resulting total assessment amount, and the resulting amount shall constitute a separate assessment lien against each of such lots, and shall be so levied by the terms of this resolution.

Section 3. Such assessments shall be due and payable, in full, upon levy, and shall bear interest in accordance with the terms of the Bellecrest By-laws on the effective date of the assessment, and shall be collected in accordance with the terms of such By-laws.

Section 4. The assessments levied pursuant to this resolution shall be included within the Bellecrest budget for each year through 2014, and the levy of these assessments shall be approved by reason of the approval of the annual budget of Bellecrest for each such year, as required by the By-laws.

ADOPTED by the Board of Directors at a meeting duly authorized and conducted, this 8th day of November, 2000.

Jerry Sinn                        John Schreiner

Bob Pier

Bonnie Womble

Tom Montgomery