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17 <br /> Each Owner covenants for himself, his heirs, successors, and assigns, to pay each <br /> assessment levied by the Association on the Lot described in such conveyance to him within ten <br /> (10) days of the due date as established by the Board, and further covenants that if said <br /> assessment will not be paid within thirty (30) days of the: due date, the payment of such <br /> assessment will be in default and the amount thereof become a lien upon said Owner's Lot as <br /> provided herein and will continue to be such lien until fully paid. <br /> Section 4.2. Purpose of Assessments. The assessments levied by the Association <br /> will be used exclusively for the paying of Common Expenses as defined in Article 1, Section 4. <br /> Section 4.3. Amount of Assessment. <br /> (a) Initial Maximum Assessment. To and including January 1, 2015, <br /> the maximum monthly assessment for an individual Lot will not exceed$100.00. <br /> (b) Increase by Association. From and after January 1, 2015, the <br /> monthly assessment imposed by this Association may be increased by the Board of Directors, <br /> without a vote of the membership, by a percentage which may not exceed the greater of ten <br /> (10%) percent or the percentage increase reflected in the U. S. City Average, Consumer Price <br /> Index - United States and selected areas for urban wage earners, and clerical workers, all items <br /> most recent index and Percentage ges from selected dates, (published by the U.S. Bureau of <br /> Labor Statistics, United States Department of Labor, Washington, D.C.), or such other Index as <br /> may succeed the Consumer Price Index, for that twelve-month period ending June September 30, <br /> of the previous year. <br /> (c) Increase by Members. From and after January 1,2015,the annual <br /> assessment may be increased by a percentage greater than permitted by this Article by an <br /> Page 7 of 50 <br />