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received by the Developer. ~ ~
ARTICLE V
COV£NANT FOR MAINT~NANCE ASSESSMENTS
Section 1-r" Creation of the Lien and Personal
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Obligation of Assessments. The Developer for each Living ~
U~it owned by him within 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
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to covenant and agree to pay to the Association: (1) ~
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monthly assessments or charges; (2) special essessments ~
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for capital improvements, such assessments to be fixed, ~
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established, and collected from time to time as herein- ~
after provided. The monthly and special assessments, :
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touether with such interest thereon and costs of col- ;
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lection thereof as hereinafter provided, shall be a charge
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on the land and shall be a continuing lien upon the prop- ~
, erty against which each such assessment is made. Each
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~ such assessment, together with such interest thereon ~
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~ and cost of collection thereof as hereinafter provided, ;
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~ shall also be the personal obligation of the person who ~
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; was the Owner of such property at the time when the assess-
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~ ment fell due. :
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~ Section 2. Purpose of Assessments. The assess- :
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~ ments levied by the Association shalJ. be used exclusively
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~ for the purpose of promoting the recreation, health,
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~ safety, and welfare of the residents in The Properties
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~ and in particular for the improvements and maintenance
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= of properties, services, and facilities devoted to this
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~ purpose and related to the use and enjoyment of the Common ~
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Properties and of the homes situated upon The Properties,
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E including, but not limited to, the payment of taxes and ;
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~ insurance thereon, and repair, replacement, and additions {
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BOGK ~ `~NJ PACE ~
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