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.' 200609368 ARTICLE V ASSESSMENTS (a) Personal Obligation of Assessments and Special Assessment. Declarant, for each Unit owned within the Property, shall be deemed to covenant and agree, and each Unit Owner by acceptance of a deed therefore, whether or not it shall be so expressed in any such deed or other conveyance shall be deemed to covenant and agree to pay to the Association all Assessments and fines, together with such interest thereon and costs (including court costs) of collection thereof as herein provided. Said Assessments, fines, interest and costs of collection, including reasonable attorneys' fees, shall be the personal obligation of the Person who was the Unit Owner at the time when the Assessments or fines became due. (b) Purpose of Assessments. The Assessments levied by the Association through its Board of Directors shall be used exclusively: (i) to promote the health, safety and welfare of the condominium; (ii) to maintain, repair and upkeep the Common Elements and for any other maintenance obligations or common services which may be deemed necessary by the Association for the common benefit of the Unit Owners; (iii) to maintain property values; (iv) to pay expenses which may be incurred by virtue of an agreement with, or requirement of, any city, county or other local government authority; (v) to provide adequate insurance of various types and in such amounts deemed necessary by the Board of Directors for the Common Elements; and (vi) to provide a reserve fund for replacements of Common Elements or items thereon. (c) Annual Common Expense Assessments. The total annual Common Expense Assessments against all Units shall be based upon the Association's advance budget of the cash requirements needed by it to provide for the administration and performance of its duties during such Common Expenses Assessments year. (d) Budget. The Board of Directors shall fix the amount of the annual Common Expense Assessments against each Unit at least annually. Adjustments to the budget may be made by the Board of Directors more frequently. (e) Special Assessments. In addition to the Common Expense Assessments authorized above, the Association may at any time, from time to time, determine, levy and assess Special Assessments for the purpose of defraying in whole or in part, payments for any construction reconstruction, repair, demolition, replacement or maintenance of the Common Elements or for Capital Improvements. Any such Special Assessments made by the Board of Directors must be approved by all of the Members. The amounts determined, levied and assessed pursuant hereto shall be assessed equally against each Unit, in accordance with Article 4, Paragraph (c), Table of Allocations. ARTICLE VI ASSOCIATION'S LIEN (a) Association Lien and Effect of Non-Payment of Assessments. The Assessments including all charges, fees, fines, impositions, interest, costs, late charges, expenses and reasonable attorneys' fees which may arise under the provisions of this Declaration, also including any installment thereof (collectively U AssessmentsU), shall be burdens running with, and perpetual liens in favor of the Association upon the specific Unit to which such Assessments apply. Recording of this Declaration constitutes record notice and perfection of the Association's lien. Further recording of a claim of lien for Assessments is not required. Any Assessments provided for in this Declaration which are not fully paid within twenty (20) days after the due date thereof shall bear interest at the rate of fourteen percent (14%) per annum from the due date or a date established by the Association, and the Association may assess a late charge thereon which late charge shall also be subject to interest charges. In the event of default in which any Unit Owner does not make payment of any Assessments levied against the Unit Owner's Unit within thirty (30) days of the due date, the Board of Directors may declare all unpaid Assessments for the pertinent fiscal year immediately due and payable. 3