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29 <br /> (1) The time that Declarant owns no Lots, or <br /> (2)Ten (10) years from the date of recordation of this Declaration, or <br /> (3) Upon Declarant's resignation from Class B status, upon which Declarant shall no <br /> longer be Declarant and shall be a Class A member. <br /> ARTICLE V <br /> MANAGEMENT AND CONTROL <br /> Management of the affairs of the Association shall be the right and responsibility of its <br /> Board of Directors in accordance with this Declaration and the By-Laws. PROVIDED <br /> HOWEVER, that all of the powers and duties of the Board of Directors may be exercised by the <br /> Declarant until the earlier of. (1) such time as all of the Lots in The Lodges at Chapel Hill have <br /> been sold and conveyed by the Declarant to purchasers or (2) the date that is ten (10) years from <br /> the date of recordation of this Declaration,whichever occurs first. Management and control may be <br /> transferred to the Owners at any time by Declarant in its sole discretion. <br /> ARTICLE VI. <br /> COVENANTS FOR ASSESSMENTS <br /> Section 1. CREATION OF THE LIEN AND PERSONAL OBLIGATION OF <br /> ASSESSMENT. The Declarant, for each Lot owned within the Property,hereby covenants,and <br /> each Owner of any Lot by acceptance of a deed therefore, whether or not it shall be so <br /> expressed in such deed,is deemed to covenant and agree to pay to the Association: <br /> a. Annual assessments, annual road maintenance fee or charges; <br /> b. Special assessments for capital improvements, such assessments to be established <br /> and collected as hereinafter provided; <br /> c. Insurance assessments; <br /> d. To the appropriate governing taxing authority, a pro rata share, per Lot, of ad <br /> valorem taxes levied against the Common Area,if any; <br /> e. A working capital assessment; and <br /> f. Penalty assessments, such assessments to be established and collected as <br /> hereinafter provided. <br /> The annual, road maintenance, special, working capital and penalty assessments, along with <br /> insurance and property assessments, together with interest, costs and reasonable attorney's <br /> fees, shall be a charge on the land and shall be a continuing lien upon the property against <br /> which each assessment is made. Each such assessment, together with interest, costs and <br /> reasonable attorney's fees, shall also be the personal obligation of the person who was the <br /> 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 /> -6- <br />