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~ the Covenants contained herein, to hold title to such property or property rights as shall be conveyed or trans- ferred to it by Declarant, or as it may otherwise acquire, ,to ac:.~~~e, _own and_u~~~t~~Il_u,r~~!,eational an~,_~.~~==- ty~~~~ y~~perty for community use, and to perform such other acts and functions as may be reasonable or necessary for the general benefit and welfare of the Owners and as may be authorized or permitted by its Articles of Incorporation and By-Laws. T_he_ Association shall have the aut~~3:.~L,to ~dopt regulat~o~~.~miting the days and lengths of ir~~g~~~ng periods and the amount of water that may be used and regula- tions relating to water storage and fire protection. Section 6. Assessments. Each Owner, for himself, his heirs, executors, and assigns, covenants and agrees to pay annually his pro rata share of all sums assessed by the Association to meet the common expenses thereof, including ~ asses~~.I).:!;;_s_r..elatingj9 irrigation and fire protection. An Owner's assessment in this regard shall be paid promptly when same becomes due and in the event of an Owner's failure to pay same promptly when due, shall constitute a lien upon the Owner's Lot that may be enforced in equity as in the case of any foreclosure, by the Eoard of Directors of the Association. Such lien shall, however, be subordinate to any first or sec9Ed mo~~~ or deed or trust. ARTICLE III WATER Section 1. Individual Wells. Each Owner must drill or cause to be drilled, at his sole expense, ~n individual water well into the Arapahoe formation or Laramie-Fox Hills ~ aquifer, unless the previous Owner has drilled such a well, and maintain such well, provided that n.~_el~~_ated3rayi~:( ~w storage system may be constructed and all water facilities shall be screened from the view of other Owners. The water -4-