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ARTICLE V ?
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COVENAIVT FOR MAINTENANCE ASSESSMENTS
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Section 1. Creation of the Lien and Per8onal Obliqation j
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of Assessments. The Developer for each Living Unit owned by him
wfthin The Properties hereby covenants and each Owner of any Living
Unit by acceptance of a deed therefor, whether or not it shall be so
expressed in any such deed or other conveyance, shall be deemed to
covenant and aqree to pay to the Association: (1) monthly assessments
or chargest (2) special assessments for capital improvements, such
assessments to be fixed, established, and ~~~Ie~tad from time to
time as hereinafter provided. The monthly and special assessments, ~
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together with such interest thereon and costs of collection thereof s
as hereinafter provided, shall be a charge on the land and shall be
a continuinq lien upon the property against which each such assessment
is made. Each such assessment, together with such interest-thereon
and cost of collection thereof as hereinafter provided, shall also be
the personal obliqation of the person who was the O~ner of such
property at the time when the assessment fell due. ~ _
Section 2. Purpose of Assessments.-The assessments levied
by the Association shall be used exclusively for the purpose of
promoting the recreation, health, safety, and welf~re of the residents
in The Properties and in particular for the improvement and maintenance
' of properties, services, and facilities devoted to this purpose and
j related to the use and enjoyment of the Common Properties and of the
i homes situated upon The Properties, including, but not limited to,
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~ the payment of taxes and insurance thereon, and repair, replacement, '
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~ and additions thereto, and for the cost of labor, equipment, materials,
~ mana ement and su ervision thereof. ~
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~ Section 3. Date of Commencement of Monthly Assessments:
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~ Due Dates. The monthly assessments provided for herein shall commence
~ on a date (which shall be the first day o~ a month) fixed by the
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~ Board of Directors of the Association herein called the Date of
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~ Coimnencement.
~ The first monthly assessment shall become due and payable on the Date
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~ of Commencement. The assessments for- any month, after the first month,
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shall become due and payab~e on the first day of each month. The due
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r date of any special assessment unde= Section 5 hereof shall be fixed
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~ in the resolution authorizing such assessment. pk
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