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200607966 4. Each Owner of any Lot contained within the Properties agrees to this DECLARATION OF RESTRlCTIVE COVENANTS, RESTRICTIONS AND CONDITIONS FOR SUMMERFIELD ESTATES FIFTH AND SIXTH SUBDIVISION HOMEOWNERS' ASSOCIATION by acceptance of any conveyance of Lots One (1) through Six (6), Block One (1) and Lots Five (5) through Eight (8), Block Two (2), all in Summerfield Estates Fifth Subdivision in the City of Grand Island, Hall County, Nebraska, and Lots One (1) through Four (4), all in Summerfield Estates Sixth Subdivision in the City of Grand Island, Hall County, Nebraska, (a replat of Lots One (1) through Four (4), Block Two (2) in Summerfield Estates Fifth Subdivision in the City of Grand Island, Hall County, Nebraska), whether or not it is so expressed in any such conveyance, and is deemed to covenant and agree to pay to the Association regular annual maintenance assessments or charges for the purposes set forth in Article III., Paragraph 5. hereof. Such regular assessments, together with interest, costs and reasonable attorneys' fees shall be and constitute, from the date levied until paid, a lien upon such Lot against which such assessment is made, without any requirement of recording further notice of such lien. Such regular assessments, together with interest, costs and reasonable attorneys' fees shall also be the personal obligation of each person who was an Owner of such Lot against which such assessment is made at the time when such assessment was due. Except as otherwise provided herein in regard to vacant Lots within the Properties, all regular assessments shall be determined at a uniform rate for all Lots contained within the Properties and collected on a monthly basis. Except as otherwise provided herein in regard to vacant Lots within the Properties, there shall be a pro rata mandatory assessment at least once a year on all Lots within the Properties for maintaining the Lots within the Properties as provided in Article IlL, Paragraph 5. hereof. The Association shall fix the amount of any annual assessment in advance of each annual meeting of the Association. The monthly due dates for payment of assessments shall be determined by the Association. Any interest not paid within thirty (30) days after the due date of such assessment shall bear interest at the maximum rate allowed by law. The Association may bring an action at law against any Owner of any Lot contained within the Properties in the same manner as provided by law for foreclosure of mortgages. The lien for assessments provided hereinabove shall be subordinate to the lien of any first mortgage and any first mortgagee may rely on this provision without execution of any further subordination agreement by the Association. No vacant Lot contained within the Properties shall be subject to an assessment hereunder until buildings or improvements are constructed thereon and such buildings and improvements are ready for occupancy. 4