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7 <br /> <br /> <br /> <br />to the Association as established in this Declaration, and <br /> <br />(2) to allow the Association to enforce any Assessment Lien (as defined below) <br />established under this Declaration by non-judicial proceedings under a power of sale or by any other <br />means authorized by law. <br /> <br />The Regular Assessments, Special Assessments, including Reimbursement Charges as permitted <br />under Section 4.10, together with interest, late charges, collection costs and reasonable attorneys' fees, shall <br />be a charge on the Condominium and shall be a continuing lien as an “Assessment Lien” upon the <br />Condominium against which each such Assessment is made, the Assessment Lien to become effective <br />upon recordation of a Notice of Delinquent Assessment. Each Assessment, together with interest, late <br />charges, collection costs, and reasonable attorneys' fees, shall also be the personal obligation of the person <br />who was the Owner of such Condominium at the time when the Assessment became due. The personal <br />obligation for delinquent Assessments shall not pass to such Owner’s successors in title unless expressly <br />assumed by them. No Owner shall be exempt from liability for payment of Assessments by waiver of the use <br />or enjoyment of any of the Common Areas or by the abandonment of the Owner's Condominium. The interes t <br />of any Owner in the amounts paid pursuant to any Assessment upon the transfer of ownership shall pass to <br />the new Owner. Upon the termination of these covenants for any reason, any amounts remaining from the <br />collection of such Assessments after paying all amounts properly charged against such Assessments shall <br />be distributed to the then Owners on the same pro rata basis on which the Assessments were collected. <br /> <br />4.2. Purpose of Assessments: The Assessments levied by the Association shall be used <br />exclusively to promote the economic interests, recreation, health, safety, and welfare of all the Owners and <br />other residents in the Project and to enable the Association to perform its obligations under this <br />Declaration. <br /> <br />4.3. Assessments: <br /> <br />A. Regular Assessments: The Board shall establish and levy Regular Assessments <br />in an amount that the Board estimates will be sufficient to raise the funds needed to perform the duties of the <br />Association during each fiscal year. Regular Assessments shall be made for a one (1) year period and <br />collected in monthly installments. The Regular Assessment shall include a portion for Reserves in such <br />amounts as the Board in its discretion considers appropriate to meet the costs of the future repair, <br />replacement or additions to the major improvements and fixtures that the Association is obligated to maintain <br />and repair. Reserve Funds shall be deposited in a separate account and the signatures of at least two (2) <br />persons who shall either be members of the Board or one officer who is not a member of the Board and a <br />member of the Board shall be required to withdraw monies from the Reserve account. <br /> <br />B. Special Assessments: The Board, at any time, may levy a Special Assessment in <br />order to raise funds for unexpected operating or other costs, insufficie nt operating or reserve funds, or such <br />other purposes as the Board in its discretion considers appropriate. Special Assessments shall be allocated <br />among the Units in the same manner as Regular Assessments, except in the case of an Assessment levied <br />by the Board against a Member to reimburse the Association for costs incurred in bringing a Member into <br />compliance with provisions of the Governing Documents. <br /> <br />4.4. Restrictions on Increases in Regular Assessments or Special Assessments: <br /> <br />A. Approval of Members for Certain Assessments: Except as provided in Section <br />4.4.B, without having first obtained the approval of such action by the vote or written assent of Members <br />casting the votes of a Majority of the Voting Power at a meeting of the Association at which a quorum is <br />present, the Board may not: (1) impose a Regular Assessment on any Condominium which is more than <br />twenty percent (20%) greater than the Regular Assessment for the immediately preceding fiscal year or (2) <br />levy a Special Assessment to defray the cost of any action or undertaking on behalf of the Association <br />which in the aggregate exceeds five percent (5%) of the budgeted gross expenses of the Association for <br />that fiscal year. For purposes of this Section 4.4, a "quorum" means Members constituting more than fifty <br />94