SECTION 1. Creation of the Lien and personal Obligations of Assessments. By the Declaration of each member is deemed to covenant and agrees to pay the Corporation: (1) annual assessments of charges, and (2) assessments, together with such interest thereon and cost of collection thereof, as hereinafter provided, shall be a charge on land and shall be a continuing lien upon the property against which each assessment is made. Each such assessment, together with such interest, costs, and reasonable attorney’s fees shall also be the personal obligation of the person who was the Owner of such property at the time when the assessment fell due and shall not pass to his successors in title unless assumed by them.

SECTION 2. Purpose of Assessments. The assessments levied by the Corporation shall be used exclusively for the purpose of promoting the health, safety and welfare of the deed holders and in particular for the maintenance and repair of the Common Areas.

SECTION 3. Basis of Annual Assessments. Annual assessment shall be set by the affirmative vote of the majority of the Board of Directors.

SECTION 4. Special Assessment for Capital Improvements. In addition to the annual assessments authorized above, the Corporation may levy in any assessment year, a special assessment applicable to that year only, for the purpose of defraying, in whole or in part, the cost of any construction or reconstruction, unexpected repair or replacement of capital improvement, in any, for the Common Area, provided that any such assessment shall have the assent of the holders of at least two-thirds (2/3) of the aggregate votes of all Members. If a special meeting is called for the purpose, written notice shall be given to all members not less than thirty (30) days nor more than sixty (60) days in advance to the meeting setting forth the purpose of the meeting.

SECTION 5. Uniform Rate. Both annual and special assessments must be fixed at a uniform rate for all Lots.

SECTION 6. Date of Commencement of Annual Assessments: Due Dates. The annual assessments provided for herein shall commence on the first day of the month following the conveyance of the Common Areas to the Association. The first annual assessment shall be fixed by the Board of Directors. Written notice of the annual assessments shall be sent to every Owner. The due dates shall be established by the Board of Directors. The Corporation shall upon demand at any time furnish a certificate in writing signed by an officer of the Corporation setting forth whether the assessments on a specified Lot have been paid. A reasonable charge may be made by the Board for the issuance of these certificates. Such certificate shall be conclusive evidence of payment of any assessment therein stated to have been paid.

SECTION 7. Effect of Non-Payment of Assessments: Remedies of the Corporations.  Any assessment which are not paid when due shall be delinquent. If the assessments which are not paid within thirty (30) days after the due date, the assessment shall bear interest from the date of delinquency at the legal rate of interest, and the Corporation may bring action at law against the Owner personally obligated to pay the same of foreclose the lien against the property, and interest, cost and reasonable attorney’s fees of any such action shall be added to the amount of such assessment. No Owner may waive or otherwise escape liability for the assessments provided for herein by non-use of the Common Area or abandonment of his lot.