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<br /> insuring each of Declarant(until the date of Completion of Sales or the date of termination of the Period of
<br /> Declarant Control, whichever shall first occur), the Association, each member of the Board of Directors,
<br /> the managing agent, if any, and each Owner with respect to its liability arising out of the ownership,
<br /> maintenance or repair of the Common Elements; provided,however, that in no event shall the amounts of
<br /> such public liability insurance be less than One Million Dollars($1,000,000.00)per occurrence for liability
<br /> for bodily 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 or any part
<br /> thereof. Such insurance shall include endorsements covering cross liability claims of one insured against
<br /> another, including the liability of the Owners as a single group to a single Owner. The Board of Directors
<br /> shall review such limits annually. Until the first meeting of the Board of Directors following the initial
<br /> meeting of the Owners, such public liability insurance shall be in an amount of not less than One Million
<br /> Dollars($1,000,000.00)per occurrence for claims for bodily injury and property damage.
<br /> ARTICLE VIII
<br /> ASSESSMENTS
<br /> Section 8.01 Creation of Lien and Personal Oblivation for Assessments. Declarant and
<br /> each Owner,by such Owner's acceptance of a deed conveying a Lot to such Owner,whether or not it shall
<br /> be so expressed in such deed, covenant and agree to pay to the Association,when and as due, any and all
<br /> Annual Assessments, Special Assessments and Charges, including, without limitation, late payment
<br /> charges, interest on delinquent Assessments, and collection and foreclosure costs and expenses, including
<br /> reasonable attorneys' fees, as hereafter provided. Each Assessment, together with any Charge incurred or
<br /> assessed with respect thereto, shall be a charge on, and shall be a continuing lien upon, each Lot against
<br /> which each such Assessment is levied. Each Assessment, together with any Charge incurred or assessed
<br /> with respect thereto, shall also be the personal obligation of each Owner of each Lot against which such
<br /> Assessment is levied at the time such Assessment is due. An Owner's personal obligation for payment of
<br /> any delinquent Assessment, together with any Charge incurred or assessed with respect thereto, shall not
<br /> pass to 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 funds for
<br /> maintenance,upkeep, landscaping and beautification of the Common Elements; (b)to provide services and
<br /> facilities related to the Members' use and enjoyment of the Common Elements, including, but not limited
<br /> to,the cost of repair,replacement and/or additions thereto; (c)for the payment of taxes assessed against the
<br /> Common Elements and insurance related to the Common Elements; (d) for the employment of attorneys,
<br /> accountants and other professionals to represent the Association when necessary or useful; (e) for the
<br /> employment of security personnel; and (f) to provide any service which is not readily available from any
<br /> governmental authority related to the use, occupancy and enjoyment of the Lots and/or Common Elements
<br /> which the Association shall decide to provide. Assessments may be levied to pay for any utilities necessary
<br /> to accomplish any of the above-stated purposes.
<br /> Section 8.03 Common Expense Budget and Annual Assessments. Not later than the earlier
<br /> of December 1 or the date of the annual meeting of the Members,the Board of Directors shall prepare and
<br /> deliver to the Members a budget for the operation of the Association and the maintenance of the Common
<br /> Elements for the following calendar year,which budget shall include an estimate of the Common Expenses
<br /> and Annual Assessments for the following calendar year, and a statement of the sources and estimated
<br /> amounts of funds to cover such Common Expenses, which may include any surplus to be applied from
<br /> prior years, any income expected from sources other than Annual Assessments, and the amount to be
<br /> generated through the levy of Annual Assessments.
<br /> The Board of Directors shall deliver a copy of the final budget and notice of the amount of the
<br /> Annual Assessment to be levied to each Owner not later than the earlier of December 1 or the date of the
<br /> annual meeting of the Members prior to the beginning of the Annual Assessment period. The budget shall
<br /> automatically become effective unless disapproved by (a) the vote of the Members having not less than
<br /> two-thirds (2/3) of all votes in the Association who are voting in person or by proxy at the annual meeting
<br /> of the Members or at a meeting of the Members duly called for such purpose, and/or(b)Declarant during
<br /> the Period of Declarant Control. There shall be no obligation to call a meeting for the purpose of
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