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202002679 ARTICLE 8 COVENANT FOR ASSESSMENTS AND CREATION OF LIEN 8.1 Obligation to Pay Assessments and Other Charges. Each Owner, other than the Declarant and the Designated Builders, by becoming the Owner of a Lot, is deemed to covenant and agree to pay Assessments to the Association in accordance with this Declaration. All Assessments shall be established and collected as provided in this Declaration. No Regular Assessment or Special Assessment shall be levied against any Lot owned by the Declarant or a Designated Builder. Each Assessment, together with any Collection Costs, shall also be the personal obligation of the Person who was the Owner of the Lot at the time the Assessment became due. The personal obligation for delinquent Assessments shall not pass to the successors in title of the Owner unless expressly assumed by them. No Owner shall be exempt from liability for Assessments because of such Owner's nonuse of the Common Area, abandonment of such Owner's Lot, or other circumstance. The obligation to pay Assessments is a separate and independent obligation on the part of each Owner. No diminution or abatement of Assessments or set-off shall be claimed or allowed for any alleged failure of the Association, the Board, or the DRC to take any action or perform any function required of it. 8.2 Regular Assessments. At least thirty (30) days prior to the commencement of each Assessment Period, the Board shall prepare and adopt a budget of the estimated Common Expenses for the next Assessment Period, including any contribution to be made to a reserve fund. The budget shall also reflect the sources and estimated amounts of funds to cover such Common Expenses, which may include any surplus to be applied from prior years, any income expected from sources other than Assessments, and the amount to be generated through Assessments against the Lots. Based on the budget adopted by the Board, the Board shall assess a Regular Assessment against each Assessable Lot. The Regular Assessment shall be the same for each Assessable Lot. The amount of increase, if any, in the Regular Assessment from one Assessment Period to the next shall be subject to such limitations as may be imposed by Nebraska law. The Board shall give notice of the Regular Assessment to each Owner at least thirty (30) days prior to the beginning of each Assessment Period, but the failure to give such notice shall not affect the validity of the Regular Assessment established by the Board nor relieve any Owner from its obligation to pay the Regular Assessment. If the Board fails to adopt a budget for any Assessment Period, then until and unless such budget is adopted and a Regular Assessment is levied by the Board for such Assessment Period, the amount of the Regular Assessment for the immediately -preceding Assessment Period shall remain in effect. Unless approval or ratification of the budget or the Regular Assessment for any Assessment Period is required by law, neither the budget nor the Regular Assessment shall be required to be ratified or approved by the Members. If the Board determines during any Assessment Period that the funds budgeted for that Assessment Period are or will be inadequate to meet all Common Expenses for any reason, including without limitation nonpayment of Assessment by Owners, then the Board may amend the budget and increase the Regular Assessment for that Assessment Period and the revised Regular Assessment shall commence on the date designated by the Board. 8.3 Special Assessments. The Association may levy a Special Assessment against each Assessable Lot for the purpose of obtaining funds to pay the cost of any construction, reconstruction, repair, or replacement of an Improvement upon the Common Area (including fixtures and personal property related thereto) or to pay unbudgeted expenses or expenses in excess of the amount budgeted. Any Special Assessment must be approved by two-thirds (2/3) of the votes cast by Members who are voting in person or by proxy at a meeting duly called for such purpose. So long as the Declarant owns any Lot, any Special Assessment must be approved in writing by the Declarant. Any Special Assessment shall be levied in an equal amount against each Assessable Lot. Page 34 of 52