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51 <br /> Declarant rights hereunder shall be the date on which this Declaration, Plats and <br /> Plans creating the Units is recorded in the Registry of Orange County, North <br /> Carolina and the two (2) Units created by Declarant are established and conveyed <br /> as set forth in Article I, Section 5. <br /> ARTICLE IV <br /> ASSESSMENT AND COLLECTION OF COMMON EXPENSES <br /> Section 1: The Declarant, for each Unit owned within the Property, and each Unit Owner <br /> by acceptance of a deed therefore, whether or not it shall be so expressed in such <br /> deed, hereby covenants and agrees to pay the Association: (1) annual <br /> assessments or charges, and (2) special assessments for capital improvements <br /> and for the maintenance, reconstruction and repair of Common Elements. For so <br /> long as the Town and/or County own all Units of the Condominium, the Unit <br /> Owners may, upon written agreement, make proportional direct payments toward <br /> common expenses, capital improvements, maintenance, reconstruction and/or <br /> repair directly to vendors and other providers rather than assessments paid to the <br /> Association, provided that the allocation of direct payment to vendors or other <br /> providers by each Unit Owner is in accordance with Article III, Section 2(b). <br /> Except as provided in Section 2 of this Article IV, the liability of each Unit <br /> Owner for the Common Expenses of the Association shall be in accordance with <br /> Article III, Section 2(b). Any assessment levied against a Unit remaining unpaid <br /> for a period of sixty (60) days or longer shall constitute as a lien on that Unit <br /> when filed of record in the office of the Clerk of Superior Court of Orange <br /> County and shall accrue interest at a rate set by the Association not to exceed <br /> 18% per annum, or the maximum interest rate allowed under the laws, it being <br /> the intent to allow the Association to accrue interest at the highest amount <br /> permissible under the law. The Association may bring an action at law against <br /> the Unit Owner, or foreclose the lien against the Property. Fees (including <br /> attorneys' fees), charges, late charges, fines, and interest are also enforceable as <br /> assessments. Each such assessment, together with interest, costs, and reasonable <br /> attorneys' fees, shall also be the personal obligation of the person who was the <br /> 9 <br />