12:07:04 PM DEED BOOK 3604 PAGE 26 - 45 INSTRUMENT Excise ...

FFiilleed iinn JJOOHHNNSSTTOONN CCOOUUNNTTYY,, NNCC CCRRAAIIG OOLLIIVE,, RReeggiisstteerr ooff DDeeeeddss FFiilledd 99//23//22000088 122::007::0044 PPMM DDEEEEDD BBOOOOKK 33660044 PPAGE 266 -- 4455 IINNSSTRUMMEENNTT ## 220000882315799 RReeaall EEssttaatte EExxcciissee Taaxx:: $$00..0000 DeDpeuptyu/tyA/sAsissitsatnatntRRegeigsitseterr ooff DDeeeeddss:: PP IINNGGRRAAMM

Prepared by:

Howard S. Kohn, Esq. Kohn Law, P.L.L.C. 205 W. Millbrook Road, Suite 210 Raleigh, NC 27609

DECLARATION

OF COVENANTS, CONDITIONS AND RESTRICTIONS

FOR

MILLSTONE RIDGE SUBDIVISION, PHASE ONE

(A PLANNED COMMUNIITTYy)

THHIISS DECCLLAARRAAnTOIONNisismmaaddee oonn thee 233rrdd ddaayy ooffSSeepptetemmbbeerr,, 22000088,, bbyyCCrorosssroroaaddssDDeevveellooppmmeent Corrppoorraatitoionn, ,aa NNoorrtthh Caarroolliinnaa CCoorrppoorraatitoionn, ,wwitihthiitsts pprriinnccipipaal looffficiceellooccaateteddaatt 122440000 NNCC Hwyy 550 NNoorth, Willow Springss,, NNCC,, hereinafter referred to as "Declarant";

WITNESSETH:

WHEREAASS,, Declarant is the owner off certain Properties in Johnston County, North Carolina which are more particularly described on Exhibit "A" attached hereto; and

WHEERREEAASS,, iitt is the desire and intention off DDeclarant (as defined herein)) to impose on the PPrrooperties described on Exhibit "A" attached hereto restrictions, conditions, easements, covenants and agreements under a generaall plan or scheme of improvement for the benefit of all Properties herein described and the future owners thereof;

NOW, THEREFORE, Declarant hereby declares that alll of the Properties described on Exhibit "A" shall be held, sold and conveyed subject to the following easemennttss,, restrictions, covenants and conditions, which are for the purposee of protectingg thee valuee andd desiraabbiilliittyy ooff,, anndd whicchh shaallll run withh thee title to tthe PPrrooperties and be binding on all pparties having any right, title or iinntteerest iin tthhe ddeessccribed Properties or aany ppart tthhereof, their heirs, successors and assigns, and shall inure to the benefit off each owner thereof.

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ARTICLE I

DEFINITIONS

Seeccttiioonn 11.. DDeeffininiittiioonns. AAs susuesdedininthtihsiAs rAtirctilcel,e,thtehefoflolollwowininggwwoordrdssaannddtetermrmsshhaavvee ththeefofollolowwiing definittiioonnss,, unlleessss tthhee conteexxtt in which theyy are used clearlyy indicateess otherwwiissee (wwhheenn anyy of these and other defined words or terms in this Article have an initial capital letter, however, it is not required that their use have initiall capiittaall lettteerrss inn orddeerr too havvee thhee deffiinneedd mmeeaanniinngg)).. SSome orr aall oofftthhee ffoolllowing words and terms may haavvee thhee ssamee ddefinniittiioonnss iinn othheerr porrttiioonnss oof thiss DDeccllaarraattioionn; ;iiff soo,, theeyy aare bbeeiing rreeppeateedd heree ffoor convenieennccee;; iif nnoott,, aass usedd inn tthhiiss AArrttiiccllee,, tthheeyy hhaavveetthhee ddeeffiinniittiioonnssccoonnttaaiinneeddiinntthhiissAArrtticiclele.. Words and terms definneedd inn othheerr poorrttiioonnss of thiss Declaarraattiioonn aanndd nnoott deeffiinneedd iinn tthhiiss Arttiiccllee bbuutt uusseedd in this AArticle have the definition defined for them in such other portions off this Declaration, unless those definitions are superseded or moddiiffiieedd aass aa ressuulltt of the conflicctt ruleess set forthh in Sectionn 3 off tthis PPaart AA ((ffoorr eexxaammple, wwoords aand tteerms definneedd byy the Code and used iin tthhiiss DDeeccllaarraattiioon hhave tthhe ddeeffiinniittions ccoontained in tthhee CCooddee, nnoottwwiitthhsstanding that they mayy be defined differently in this Article or other portions off this Declaration; however, to the extent thatt a word or tteerrm iiss ddeeffiinned iinn tthhiiss AArrttiicclle oorr ootthheerr ppoorrttions oofftthhiiss DDeeccllaration differreennttllyy ffrroomm hhooww iitt is defineedd inn thhee Cooddee,, andd thee definniittiioonnss ddoo nnoott coonnfflliicctt,, tthheenn bbootthh deeffiinniittiioonnssaarreeaapppplliiccaabblele).). WWith respect to words and termss used hereinn,, the singular shall includdee thhee plurall,, the plurall shalll include the singular, and one gender shall include all.

(a)) "Act" is ddeeffiined aas tthhee NNoorrtthh CCaarroolliinna PPllaanned CCommuunniittyy AAcctt,, aass conttaaiinneedd inn Chapptteerr 477FF of the North Carolina Geneerraall Statuutteess (orr as containedd in any ssuuccessor portion off tthhe NNoorrtthh CCaarroolliinnaa GGeenneral Statuteess)),, aass tthhee saammee eexxiissttss ffrroomm ttiimmee ttoo ttiimmee.. TThhe AAcct iis referred to herein from time to time as G.S.47F, with the particular sectionn nummbbeerr foolllloowwiinngg tthhee G..SS..4477FF reeffeerreennccee ((ffoorr eexxaammppllee,, GG..SS..4477FF--l1-1-10011).). WWords and terms used in this Article that are defined in the Act but not defined in the Code (for example, the term special declarant rights), have the definition contained in the Act.

(b)) "Annexation Declaration" is defined as a document, by whatever name denominated, that is recorded for the purposess of annexing Annexedd Proppeerrttyy too this Declaration and causingg such Annexed Properttyy to be subject to the sscchheme ooffccoovveennants, cchharges, ccoonditions and restrictions containeedd in this DDeclaration and incclluuddiinngg aannyy additiioonnaall coveennaanntsts, , chhaarrggeess,, coonnddiittiioonnss aanndd restriiccttiioonnss coonnttaaiinneedd inn tthhee AAnnnneexxaattiion Declaration.

(c) "Annexeedd Propeerrttyy"" iss definedd as all rreeal pprrooperty aannexed or ssubjectedd (thosee two terms being uused interchaannggeeaabbllyy hheerreeiinn)) ttoo aannyy paarrtt or all of the terms off this Declaration followiinngg the initial recordinngg of this Declaration in the Registry.

(d)) "Association" is defined as the nonprofit corporation organized and operated under the laws off the State of North Carolina aass tthhee pprrooppeerrttyy OOwwnneerrssaassssoocciiaattiioonnffoorrththeePPrrooppeertriteies.s. Subb--AAssssoocciiaattiioonn (iiff applicable) is definedd as a nonprofit corporationn orggaanniizzeedd aanndd ooppeerraatteedd uunnddeerr tthhee llaawwss oof tthhee Statee of North Carolina as the properrttyy Owwnneerrss aassssoocciiaattiioonnffoorraa ppoorrttiioonnooff,,bbuuttnnoottaalllooff,,tthheePPrrooppeerrtiteiess. . There may be one or more Subb--AAssssoocciaiatitoionsns(i(fifaapppplilciacbalbel)e)wwitihthrerespspecetctotoththeePProropperetriteise.s. An eexamppllee of aa SSuubb--AAssociiaattiioonn iss a propertyy Owners associaattiioonn ffoorr a townhoouussee developpmmeenntt tthhaatt iss part of a cluster unit development which has an Association foorr the cluster unniitt ddeevveellooppmmeenntt.. All rreeferences herein to an Association that is, in fact, a Sub-Association, are deemed corrected accordingly.

(e)) "Board" is ddefined as the bboard offdirectors off the Association, and is the Executive board as defined in the Act.. TThheeBBooaarrddiissrreessppoonnssiibbllee ffoorr tthhee mmaannaaggeemmeenntt aand aaddministration off the Association as provided for in this Declaration and in the Act.

(f)) "County" orr "JJoohhnnssttoonn CCoouunnttyy"" iiss ddeeffiinneedd aas Johnston County, North Carolina, a North Carolina county.

(g)) "Code" is ddefined as tthe JJoohhnston CCounty Land Developmeenntt CCooddee aass it existss from time to time, and incclluuddeess aalll duullyy adoopptteedd reegguullaatitoionns,s,rruuleles,s,ddirireecctitvievse,s,aannddppoolilciiceisesoofftthhee CCoouunntyty ppuurrssuuaannt tttoo oorr iin furtherance off the Code.

(h)) "Common Area" is ddeefined as rreeal pprroopperty, ttoogether wwith any iimmpprroovements ssiittuuated thereon, intended for the common usee and benefit of Owners and occupantss of the Propertiess,, howeverr such real property is descrriibbeedd oonn aa plaatt or docummeenntt rreeccoorrddeedd iinn tthhee RReeggiissttrryy.. CCommon Area may be owned or leased by the Associaattiioonn oorr it mayy be owned by another Person with the Association having a right or eeaassement therein (for examppllee,, part or all off a private stormwater drainage easemennt loccaatteedd oonn eitheerr a Lot or real property

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DDEEEEDD BBOOOOKK33660044 PAAGGEE 28

that is not part off tthe PPrroopertiess anndd that servveess moorree tthhaann oonnee (11)) Loott in the Properrttiieess oorr a right of the Associatioonn ttoo use of a portion off aa ppuublic ssttrreeeet rriigghht-of-way pursuant to aan eennccroachment agreement with the Countyy)).. CCoommmmoonnAArreeaass iinncclluude aall oofftthe following::

(1) anyy private street and private walkwayyss in the PProperties (but eexcluding private walkways on and solely for the benefit off an individual Lot);

(2) Stormmwwaatteerrccoonnttrroollmmeeaassuurerse,s,aasssshhoowwnnoonnaannyy rreeccoorrddeeddppllaattoorr mmaapp of the pprropertieess with the exception off any easements included in or on any privately owned lot within the subdivision

(3) anyy waterr or sseewer utilityy line that sserves more than one LLot aannd wwhhich iiss eeiitthheerr llooccaatteed oouuttsside public street rights-of-way or outside any County utility easement;

(4)) any site or ffaacility ddesignated a ccoommmon area, ccoommmon property open space, open sspace ccoommon area, amenity area, or other similar designatioonn oonn anyy recorddeedd ppllaatt oor map of the Properties, or in this Declaration;

(5)) any Code-required shared facility or Open Space for the Properties; (6)) any public road right-of-way dedicatedd too thhee public on plats and maps of the Properties recorded in

thee RRegisttrryy bbut nnoott aacccceepptteed ffoorr ppuubblliiccMMaainintteennaanncce bbyy ththeeapappproropprriiaattee GGoovveerrnnmmeental EEnnttity. Proovviiddeedd, , hhoowweevvere,r,ththaat tththeeffaacctt tthhaatt aa streeett or rrooad hhaass nnoott bbeeeenn aacccceepptteed bbyy ththeeaapppplliiccaabble Goovveerrnnmmeenntatal lEEnntittiytysshhaallllnnoot trreelileievveeththeeDDeecclalararannt toofftthhee oobblliiggaatitoionntotottaakkee ssuucchh aaccttiioonn aass is necessary to have it accepteedd.. TThhee AAssssoocciiaattiioonn hhaas the right tto eennforce this Declarant obligation, and the Declarant shall be liable to the Association for all costs and expenses, including court costs and reasoonnaabbllee aatttoorrnneeyy''ss feess,, incurredd by the AAssssoociation iin ccoonnnnection with ssuuch uunnaacccepted sstreet improvements and enforcement off its rights against Declarant hereunder; and (7)) any object or improvement located on, under, in or over public property or public right-of-way which object or iimmprovement is subject to an eencroachment agreement with a Governmentaall Entity that is recoorrddeedd inn tthe RReeggistry,, aannd mmaayy inincclluuddee: ssigignnss,, lalannddssccaapping, iirrrriiggation ffaacilitieess,, ddrain ppiippes, decorative surfaces and brick pavers.

(i) "Common Expense" is defined as all offthe expenses incurred by the Association in furtherancee of its rigghhttss andd rreesponnssiibbiillitiiteiess uunnddeerr tthhee Acctt,, tthe CCoodde, aanndd ththeeGGoovveerrnniinngg DDooccuummeents aanndd inincclluuddiing specciiffiiccaalllyy,,bbuutt wwiitthhoouuttlliimmitiatatitoionn, ,aallllooffththeeffoollolowwining:g: (E(Exxppeennsseess ffoorr tthhee MMaaiinntteennaance ooffLLiimmiited Common Area are Limited Common Expenses, which is a subcategory of Common Expense.)

(1) All sums lawfully assessed by the Association against its Members; (2)) Expenses of the Common Area and administration, inspection and Maintenance off the Common Area; (3)) Expenses classified as Common Expenses under the Act, the Code,, or under the provisions of this Declaration or other Governing Documents; (4)) Expenses for acquisition, Maintenance, repairr,, restorationn,, replacemmeenntt,, use and operation of personal property owned or leased by the Association for the benefit of the Members; (5)) Premiums for property, liability or such other insurance premiums as this Declaration or other Governing Documents may require the Association to purchase; (6) Ad valorem taxes and public assessment and charges lawfully levied against any Common Area owned in fee simple by the Association; (7) Fees or charges for utilities used in connection with the Common Area; (8) Any unpaid Association assessment followiinngg the foreclosuree of a firsstt mortgage or first deed of trust or an assessment lien; (9) Allocations to reserve funds;; (10) Payments owed to a Governmental Entity pursuant to any stormwater agreement, except for payments in such stormwater agreement owed to the Governmental Entity by the Declarant; (11) Fees for services engaged by the Association; (12)) Costs and expenses for which the Association is obligated under any encroachment agreement or other agreement with any Governmental Entity; (13)) Financial obligations off the Association or financiiaall obligations of Members with respect to which the Association has responsibility for collection and payment; (14)) Expenses incurred by the Association in performing its functions and providing services, including operating, management, enforcement and administrative expenses; and (15)) Expenses agreed by the Members to be Common Expenses of the Association.

(j) "Declarant"" iis defined as CCrrossroads Development Corporation, its successors and assigns.

(k) "Declarant Annexation Date" is defined as the last date and time on which the Declarant has the right to annex reall propertyy to this Declaration withouutt the consenntt or jjooiinder of any Person other than the County, whhiicchh ddaattee iiss 5:0000 p.mm on the ddate tthhat iiss sseevveenn ((77)) yyeeaarrss ffoollllowiinngg thee datee off tthhe rreeccordinngg of tthis

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DDEEEEDD BBOOOOKK33660044 PAAGGEE 29

Decllaarraattiioonn.. TThhee tiimmeelliinneessss oof ann Anneexxaattiioonn DDeeccllaarraattiioonniiss ddeetteenrnminineeddbbyy tthhee ddaattee of its rreeccordation as stamped by the Registry notwithstanding its date off execution.

(1I))""DDeeccllaarraanntt CCoonnttrroollPPeerriioodd"" iss ddeeffiinneedd ass anyy period of Declarant control of the Association, as provided in 47F-3-110033((dd)) of thee Act and eessttablished in this DDeeclaration (whichh mayy includee a vvote aalllloocation that gives Declarant, by itself, sufficient voting power to elect members off the Board).

(m) "Declaration" is ddefined as tthhe ddooccument, hhoowever ddenominated, which contains this Article, together with all exhibits and amendments to the document.

(n) "Fiscal Year" iis ddeefined aas tthhe ccaalleenndar yyeear uunntil ssuucchh ttiimme aass tthheeBBooaarrdd,, bbyyaapppprroopprriiaattee rreessoolluution, establishes a different Fiscal Year for the Association.

(0o)) "Governing Documents" is defined as all off the following: this Declaration; the Articles ofIInnccoorrppooration andd BBylawwss of tthhee AAssssoocciiation;; aarchiteeccttuurraall guuiiddeelliinneessaanndd buulllleettiinnss aanndd ruulleess andd rregulattiioonnss of tthe Assssoocciaiatitoion;n; AAnnnneexxaatitoinonDDeecclalraartaiotinosn;s;aannddootthheerr deeccllaarraatitoionnss ooff rreestriccttiivvee oorr pprorotteeccttiivve ccoovveennaannts applliiccaabblele ttoo the PProperttiieess;; andd all SSuubb--Associiaattiioonn ddooccuummeenntsts((wwitihthrreessppeecct tttoo thhoossee poorrttiioonnss of the Prrooppeerrtiteiess ssuubbjejectctttoo succhh SSub-AAssssoocciaiatitoinonddoocucmumenetns)t,s)a, sasththee ssaammee mmaayy be aammeendeedd,, rreestatteedd oor supplemented from time to time.

(p)) "Governmeennttaall Enttiittyy"" iss definneedd as the Countyy,, the County of Johnsttoonn,, Noorrtthh Caroolliinnaa,, thhee Stattee of North Carolina,, the UUnited SSttates ooffAAmmeerriiccaa aannd aallll ootthheerrggoovveerrnnmmeennttaal eennttiittiieess aanndd qquuaassii--ggoovveerrnnmental entitiieess thaatt have jurisdiccttiioonn ovveerr thee Propertiieess or any part tthhereof, aand aalll aapppplliiccaabble ddeeppaartments and agencies off any off them, whichever Governmental Entity or entities is/are applicable.

(q)) "Inclluuddee"" orr "Includdiinngg"" iss definneedd ass bbeing iinclussiivvee ooff,, but nnot lliimmiited ttoo, tthhee ppaarrttiiccuullaarr mmaatttter described, unless otherwise clearly obvious from the context.

(r)) "Living Unit" is defined as any Lot on wwhich a ddwelling unit has bbeen fully constructed and made ready forr occupanccyy as a residence, including without limitationn,, complettiioonn of the final floor ccoovvering, iinnterior painntt and wallpappeerr andd all aapppliancceess,, forr wwhich aa CCeerrttiifficate ooffOOccccuupancyy or CCoommplianccee has bbeeen issueedd,, andd owned by anyone other than the original builder thereooff,, unlessss occuppiieedd ass a residence by the original builder thereof or his tenant.

(s)) "Lot" is defined as aany nnuummbered or lleetttered ppoortion offtthe PPrroopperties, ttoogether with aanny iimmpprrovements thereon,, which is shown upoonn annyy reccoorrddeedd ppllaatt oof annyy ppaarrtt or all of the Properttiieess,, anndd whicchh is not anyy of thee followwiinngg:: deddiiccaatteedd sttrreeeett rriigghhttss--ooff-w-waayy; ;CCoommmmoonnAArerae;a;OOppeennSSppaacceeoowwnneeddiinn ffeeee simmppllee byy the Association; greenway or park lands owned in fee simple by the County.

(t)) "Maintain", "Maintenance", "Maintaining", or any ssimilar ternmn used herein is defined to include anyyoone or mmore ooffththeefofolllolowwiningg,,asasthtehecocnotnetxetxrterqeuqiurierse:s:acaqcuqiusiistitoionn, ,puprucrhchaassee,,cocnonstsrturucctitoionn,,rere-c-coonnssttrruuccttion, innssttaallalatitoino,n, mmaaiinntetennanacnec,e, iinnssppeecctitoino,n, eexxaammininataiotino,n,uuppkkeepe,p, clleeaanniningg, , renneewwaal,l, aalltteerattiioonn,, rreeppaair, replaacceemmeennt,t, reppaaiinnttiinngg,, remooddeelliinngg,, restoorraattiioonn,, remoovvaall,, improveemmeenntt,, adminissttrraattiioonn,, operaattiioonn,, use, planting, mowing, cutting, trimming, pruning, fertilizing,, watering and preservation.

(u) "Member" iis ddeefined as each Person who or which holds membership in the Association.

(v) "Mortgagee" is defined as the beneficiarryy or payeee underr anyy mortggaaggee orr deedd of trust, and the ternmns mortgage and deed off trust are deemed to refer to both mortgages and deeds off trust.

(w) "Open Space" is ddefined as common open space or recreation areas suitabbllee forr the residents' ccoommon passivvee recreeaattiioonnaall uussee ass dessiiggnnaatteedd oonn a finaall plat dulyy recordedd with thee Registtrryy or as required by the Code or by the conditional usee zoningg of tthhee PPrrooppeerrttiieess ffoorr tthheeppeerrppeettuuaallbbeenneeffiittoof tthheeOOwwnneerrss.. Open Space areas requiredd under the Code are required as compensation for the flexible lot dimensions allowed on part or aall oofftthhee PPrrooppeerrttiiees aanndd OOppeenn SSppaaccee aarreeaas iinnCCoonnddiittiional UUse ZZooning DDistriccttss maayy be rreequireedd as considdeerraattiioonn ffoorr ssuucchh ccoonnddiittiioonnaalluusseezzoonniningg. AAccccoorrddiinngly, OOppen SSppace may nnot bbe ccoonnvveeyed except in stricctt commpplliiaanncceewwiitthhtthhee CCooddee. . UUnnddeer tthhee CCoodde, OOppeen SSppaace mmay bbee oowwnneed bbyy aann aapppprroopprriiate ppuublic bodyy,, landd trust, non-profit or ffoor-profit organizattiioonn estaabblliisshheedd ffoorr tthhee purppoossee of land ccoonservation or recreeaattiioonnaall ppuurrppoosseess, ,oorr mmaayy bee providdeedd or dedicaatteedd forr the ccontinuinngg Maintteennaannccee aanndd connttrrooll of a hommeeoowwnneersr's' aassssoocciaiatitoion,n,oorr hheelldd bbyy thee oowner ssuubjectt to tthhee rereccoorrddiing ooffaapperemnnaanneennttccoonnsseerrvvaattiion easement or similar open space or recreational land dedication.

(x) "Operating Deficit" iis defined as the difference between the total amount off the annual assessments for a Fiscaall Yearr levieedd on all Lots and tthe aammount ooffaaccttuual eexxppeenditures by the AAssociation during the Fiscal

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Year for Common Expensseess,, includinngg fundiinngg of reserrvveess,, but excludinngg (i) amounts levied against a Lot, but which are not paid, and (ii) special assessments for capital improvements.

(y) "Owner" is defined as the record Owner, whether one or more Persons, of fee simple title to any Lot, and shall incluuddee Declaraanntt aass ttoo annyy LLoott oowwnneedd bbyy DDeeccllaarraanntt.. ""Owner" shall not include any Person who holds an interest in a Lot merely as security for the performance off an obligation or as a tenant.

(z)) "Person" is ddeeffined ttoo iinncclluudde aannyy nnaattuurraall ppeerrssoon, ccoorrppooration, bbuusiness trust, eestate, ttrrust, ppaarrttnnership, limited liabilityy companyy,, associaattiioonn,, jjooiint venturree,, Governmeennttaall Enttiittyy (includdiinngg the County),, or other entity.

(aaa)) "Prrooppeerrtiteies"s"isisddeeffininededaassaallllooff tthhee reeaall prrooppeerrtytyssuubbjejectcttotoaannyyppaartrtoorr aalll of thee ttermss of tthis Deeccllaarraatitoionn. . AA ssuurrvveey ooffththeePPrrooppeerrttiies eenntitleedd MMililslsttoonnee RRiiddgge PPhhaase OOnne ooffththeeJJoohhnnssttoonn CCoouunnty Registry.

(ab) "Registry" is defined as the oofffice oofftthhee RReeggiister ooffDDeeeedds ((oorr aannyy ssuucccceessssoor ooffffiicce uunnddeerr aapppplliicable law)) for the North Carolina Countyy or Counties in which deeds, plats, easementss,, mortgageess andd deedss of trust forr the Propertiieess aree reccoorrddeedd.. AAllll rreeffeerreennces hherein to rrecording or to aany rreequirementt to record a document or plat refer to recording in the Registry of the County or Counties in which the applicable portion off the Properties is situated.

ARTICLE II

ASSESSMENTS

Section 1. Obligaationn foorr AAsssseessssmments. EEaacchhOOwwnneerr,,bbyyeexxeeccuuttiioonn oofftthhiiss DDeeccllaarration or by acceptance of a deed or other instrument conveying title to a Lot, whether or not it shall be so expressed therein, is deemed to conseenntt aanndd aggrreeee too pay to the AAssociation (or to aany PPeerrson who mmay bbe ddeessignated by tthe AAsssociation to collect such monies) all assessments and other charges required by this Declaration, including the following:: (1) annuuaall assessssmmeenntsts;; (22)) wworkingg ccaapital aasssseessmennttss;; (3) ssttoorrmmwwater aasssseessmennttss created aannd eessttaabblliisshhed pursuant to this Article; (4) special assessmeennttss;; (5)) finess for violations of the provisions off this Declaration or otherr Governniinngg Dooccuummeennttss oorr asseessssmmeenntsts lleevviieedd aaggaaiinnsstt OOwwnneerrss ffoorr mmiissuussee aanndd dammaaggee to tthhe CCoommmmon Arreeaass byy tthhee OOwwnneers oorrththeeirirfafmamiliylymmemembbeerrss,, tetennaannttss, aaggeennttss, ccoonnttrraacctorss aannd gguueessts; ((66)) ininddiviviidduual assesssmmeennttss ffoorr anyy expennssee underr the Code or tthhiis DDeeccllaaration which the AAssociation becomes obligated to paayy and ppays oon bbeehhaallff ooffaannOOwwnneerr;; (7(7))lalateteppaayymmeennttcchhaarrggeess, inintteerreest oonn uunnppaaiidd aasssseesssmennttss,, costtss of collectionn,, includiinngg withoouutt limiittaattiioonn,, ccoouurrtt ccoossttss,, sseerrvviicceecchhaarrggeess,,aannddaattttoorrnneeyy''ss feeess as provided in the Act, andd charrggeess ffoorr disshhoonnoorreeddcchheecckks;s;aallllaass eessttaabblilsishhededbbyyththee BBooaardrdffrroommttiimmeettoo ttiimmee;; anndd (8)) aall ootthher assessments and charges imposed or allowed to be imposed by this Declaration.

The Association at all times has the right to include as part of the assessments or other charges applicable to thee Properrttiieess anndd thee Owneerrss thereooff succhh ammoouunnttss aass arree requuiirreedd too pay aall CCoommmmon EExpenseess andd all finnaanncciiaall oobblliiggaatitoionnssooff tthhee AAssssoocciiaatitoionniimmppooseseddbbyytthhee CCooddee eeiitthheerr ((ii)) direeccttllyy onn the AAssociaattiioonn,, or ((ii) indireeccttllyy onn thee Assocciiaattiioonn bbyy imppoossiittiioonn oof tthhee finaanncciiaall obblliiggaattiioonn oonn ssoommee oorr allll of the Owners,, with the Association having responsibility for collection and payment to the County.

Sectionn 2. PPurpose ooffAAsssseessssmmeennts. TTheheanannuuaallasasesesssmmeenntt pprriimmaarily iis ffoorr tthhee ppuurrppose ooffffuunnding the Commmmoonn EExxppeennsseess oof thhee Assocciiaattiioonn,, iinncclluuddiinnggmmoonnieiessaalllooccaateteddffoorrrreesseerrvveeffuunnddss, ,ffoorr tthhee Fisccaall Yearr to whichh it applieess and in aaccordance with the bbudget for tthat FFiiscal YYeear aaddopted bby tthhe AAssssoocciation, aalltthough such assessmmeennttss mmaayy bbee usseedd foorr ppaayymmeenntt oof aannyy CCoommmmoonnEExxppeennsseessaassddeetteerrmmiinneeddbbyytthheeBBooaarrdd.. All budgets of tthhe AAssssociattiioonn shhaalll bbee ppropoosseedd inn ggoodd ffaith aand wwiith tthhee inintteenntt ttooccoovveerraalllreraeasosonnaabbllyy nneecceessssaary Commmoonn Exxppeennsseess ffoorr thhee appliccaabbllee Fisccaall Year off tthe AAssssoociation, iinncluding monies allocated for rreesserve funds.

Secttiioonn 3. BBuuddgets; AAmmoouunnt ooffAAssseessssmmeennts. ThTeheAsAssoscoicaiatitoionn isisaattalallltimtimesesememppoowweerred tto lleevvy assessmmeennttss aaggaaiinnsstt tthhee Loottss andd Livviinngg Unniittss andd the Ownerrss of Lots and Living Units within the PPrroperties for the payment off Common Expenses.

Notwithstanding the foregoing, for calendar year 2008, the maximum annual assessment per Lot is $250 and the maximum annual assessment per Living Unit is $500 The "Maximum Annual Assessment" for

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