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<br /> to perform all of the powers and duties of the Association. The management agent's
<br /> compensation shall be determined by the Board of Directors. The duties, responsibilities,
<br /> obligations and compensation of the managing agent shall be set forth in a written management
<br /> agreement,the term of which shall not exceed one (1)year and which term may be renewed only
<br /> by written agreement of the parties for successive one (1) year terms. Any management
<br /> agreement shall be terminable by the Association, with or without cause, upon thirty (30) days
<br /> prior written notice to the managing agent without payment of any termination fee or penalty.
<br /> Section 7.05 Insurance. The Association shall obtain and maintain, to the extent
<br /> available, public liability insurance in such limits as the Board of Directors may, from time to
<br /> time, determine to be customary and reasonable for developments similar in construction,
<br /> location and use to the Community, insuring each of Declarant (until the date of Completion of
<br /> Sales or the date of termination of the Period of Declarant Control, whichever shall first occur),
<br /> the Association, each member of the Board of Directors, the managing agent, if any, and each
<br /> Owner with respect to its liability arising out of the ownership, maintenance or repair of the
<br /> Common Elements; provided, however,that in no event shall the amounts of such public liability
<br /> insurance be less than One Million Dollars($1,000,000.00)per occurrence for liability for bodily
<br /> injury, including death resulting therefrom, and damage to property, including loss of use
<br /> thereof, occurring upon, in or about, or arising from or relating to, the Common Elements and
<br /> Trails, or any part thereof. Such insurance shall include endorsements covering cross liability
<br /> claims of one insured against another, including the liability of the Owners as a single group to a
<br /> single Owner. The Board of Directors shall review such limits annually. Until the first meeting
<br /> of the Board of Directors following the initial meeting of the Owners, such public liability
<br /> insurance shall be in an amount of not less than One Million Dollars ($1,000,000.00) per
<br /> occurrence for claims for bodily injury and property damage.
<br /> ARTICLE VIII
<br /> ASSESSMENTS
<br /> Section 8.01 Creation of Lien and Personal Obligation for Assessments. Each
<br /> Owner, by such Owner's acceptance of a deed conveying a Lot to such Owner, whether or not it
<br /> shall be so expressed in such deed, covenant and agree to pay to the Association, when and as
<br /> due, any and all Annual Assessments, Special Assessments and Charges, including, without
<br /> limitation, late payment charges, interest on delinquent Assessments, and collection and
<br /> foreclosure costs and expenses, including reasonable attorneys' fees, as hereafter provided. Each
<br /> Assessment,together with any Charge incurred or assessed with respect thereto, shall be a charge
<br /> on, and shall be a continuing lien upon, each Lot against which each such Assessment is levied.
<br /> Each Assessment, together with any Charge incurred or assessed with respect thereto, shall also
<br /> be the personal obligation of each Owner of each Lot against which such Assessment is levied at
<br /> the time such Assessment is due. An Owner's personal obligation for payment of any delinquent
<br /> Assessment, together with any Charge incurred or assessed with respect thereto, shall not pass to
<br /> such Owner's successor(s) in title unless expressly assumed by such successor(s)in title.
<br /> Section 8.02 Purpose of Assessments. Assessments shall be used (a) to provide
<br /> funds for maintenance, upkeep, landscaping and beautification of the Common Elements and
<br /> Trails; (b) to provide services and facilities related to the Members' use and enjoyment of the
<br /> Common Elements and Trails, including, but not limited to, the cost of repair, replacement
<br /> and/or additions thereto; (c) for the payment of taxes assessed against the Common Elements and
<br /> insurance related to the Common Elements and Trails; (d) for the employment of attorneys,
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