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its deed for such Residential Lot, whether or not it shall be so expressed in its deed, to pay to the Association: (1) annual assessments, and (2) special assessments for capital improvements. Such assessments shall be established and collected as hereinafter provided. The annual and special assessments, together with interest, costs, and reasonable attorneys' fees, shall be a charge on the Residential Lot and a continuing lien on each Residential Lot against which such an assessment is made. Each such assessment, together with interest, costs and reasonable attorneys' fees shall also be the personal obligation of the person or persons who own the Residential Lot at the time the assessment fell due, but such personal obligation shall not pass to the successors in title of such person or persons unless expressly assumed by them. 2.4 Annual Assessments. The annual assessments levied by the Association shall be used exclusively to promote the health, safety, welfare and recreation of the residents in The Villas at Stolley Park, and for the improvement and maintenance of the Common Area situated therein (including snow removal and lawn maintenance). Assessments may be used to carry out the duties and pay the costs of the Association under any management agreement to which it is or becomes a party. The annual assessments shall include generally the areas of maintenance and repair, utilities, equipment for the Common Area, fire insurance and liability insurance, materials, supplies necessary or proper in the opinion of the Board of Directors of the Association as to the operation of the Common Area, for the benefit of the Residential Lot Owners, or for the enforcement of these restrictions, and for such other expenses that promote the health, safety, welfare, and recreation of the Residential Lot Owners and the Association. 2.5 Special Assessments. In addition to the annual assessments authorized above, the Association may levy in any assessment year, a special assessment applicable to that year only for the purpose of defraying in whole or in part, the cost of any construction, reconstruction, repair, replacement or improvement, or other expenditure determined to be necessary by the Board of Directors of the Association for the benefit of the Residential Lot Owners and that promotes the health, safety, welfare, or recreation of the Residential Lot Owners and the Association in the Common Area, including fixtures and personal property related thereto. Any such assessment must be approved by the votes of two- thirds (2/3) of the Board of Directors of the Association. 2.6 Rate. Both annual and special assessments must be fixed at a uniform rate for all Residential Lots, provided that no assessments shall be due on Residential Lots which neither have been sold nor leased by Declarant. The annual assessments provided for herein shall commence as to all Residential Lots on the date of the first annual meeting. The Board of Directors shall fix the amount of the annual assessment against each Residential Lot at least thirty (30) days in advance of the due date thereof and shall fix the dates such amounts become due. Assessments shall be payable at such intervals as the Association shall allow. Notice of the annual assessment shall be sent to every Owner subject thereto. 2.7 Delinquent. Any assessment not paid within sixty (60) days after the due date shall be deemed to be in default and shall bear interest at the rate of 18% per annum or the maximum legal rate allowed by law, whichever is lesser, from 48448244-9173.2 4 201309264