Article V - Assessments
Section 1. Assessment Obligations. The Developer for each lot owned by him within The Properties hereby covenants and each Owner, his legal representatives, heirs, successors and assigns, of any Lot by acceptance of a deed therefore, whether or not it shall be so expressed in any such deed or other conveyance, shall be deemed to covenant and agree to pay to the Association: (1) initial assessments, (2) annual assessments or charges, (3) special assessments for capitol improvements, such assessments to be fixed, established and collected from time to time as hereinafter provided, shall be a charge on the land and shall be a continuing 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 obligation of the person who was the Owner of such property at the time when the assessment fell due, his legal representative, heirs, successors and assigns.
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 welfare of the residents in The Properties, and in particular for the improvements and maintenance of services and facilities devoted to this purpose and related to the use and enjoyment of The Common Properties and of the homes situated upon The Properties, including, but not limited to, the payment of taxes (if any) and insurance thereon, and for the cost of labor, equipment, materials, management and supervision thereon, and for the cost of maintaining the community wells and water system for the residents.