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81 <br /> The annual, special, insurance and property assessments, together with interest, costs and <br /> reasonable attorney's fees, shall be a charge on the land and shall be a continuing lien upon the <br /> property against which each assessment is made. Each such assessment, together with interest, <br /> costs and reasonable attorney's fees, shall also be the personal obligation of the person who was <br /> the Owner of such property at the time when the assessment fell due. The personal obligation for <br /> delinquent assessment shall not pass to his successors in title unless expressly assumed by them. <br /> Section 2. PURPOSE OF ASSESSMENTS. The assessments levied by the Association <br /> shall be used exclusively to promote the recreation, health, safety and welfare of the residents in <br /> the Property and for the improvement and maintenance of all easements, utilities, and the <br /> Common Area, as conveyed to the Association and as shown on the recorded plat of Annandale <br /> at Creek Wood, and repair of any other amenities located upon the common areas, the costs of <br /> enforcing this Declaration, maintenance of Dumfries Lane and Lochwood Court until such roads <br /> are accepted for maintenance by NC Department of Transportation, and the payment of all other <br /> expenses associated with the common areas, including the prompt and full payment of all ad <br /> valorem property taxes and insurance for said common area(s), and, in addition, for the <br /> Association to keep the property in neat and good order, and to provide for the health, welfare, <br /> and safety of the Owners and residents of Annandale at Creek Wood. <br /> Section 3. ANNUAL ASSESSMENTS. A lot shall become subject to annual <br /> assessments from the day following the day of conveyance by the Declarant or Developer to the <br /> Owner. The annual assessments shall be determined as follows: <br /> a. Until January 1 of the year immediately following the conveyance of the first lot to <br /> an Owner, the annual assessments shall be in the amount of$900.00 (and shall be in <br /> addition to a one-time capital contribution of $500.00 payable to the Association at <br /> the closing of the purchase and sale of each Lot pursuant to Section 7 of this Article) <br /> in order to carry out the responsibilities of the Association. <br /> b. From and after January 1 of the year immediately following the conveyance of the <br /> first lot to an Owner, the maximum annual assessment may be increased each year <br /> not more than ten (10%) percent above the maximum assessment for the previous <br /> year without a vote of the membership. <br /> c. From and after January 1 of the year immediately following the conveyance of the <br /> first lot to an Owner, the maximum annual assessment may be increased above ten <br /> (10%)percent by vote of the owners of 2/3 of the Lots within the subdivision who are <br /> voting in person or by proxy, at a meeting duly called for this purpose. <br /> Section 4. SPECIAL ASSESSMENTS FOR CAPITAL IMPROVEMENTS. In addition <br /> to the annual assessments authorized above, the Association may levy, in any assessment year, a <br /> special assessment applicable to the year only for the purpose of defraying, in whole or in part, <br /> the cost of any construction, reconstruction, repair or replacement of a capital improvement upon <br /> the Common Area, including fixtures and personal property related thereto, provided that any <br /> 737112.ARC.25437.T26258 7 <br />