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Section 6.2 "Promulgation of Rules and Regulations" The Association may <br /> promulgate such rules and regulations as it may deeni necessary or desirable to aid the <br /> Association in carrying out any of its functions or to insure that the property is <br /> maintained and used in a manncr that is consistent with the intent of this Declaration. <br /> Section 6.3 "Levy Assessments99 The Association shall have the power to levy <br /> assessments against the lots and owners thereof for the purpose stated herein. The initial <br /> assessment shall be $300.00 per lot per year. <br /> Section 6.4"Control of Associations" The Declarant shall maintain control of the <br /> Association until 90% of the lots have been sold. The Declarant shall then cause an <br /> election to be called pursuant to the bylaws to elect new officers. <br /> tAR i TIC"LE V 11 <br /> Covenant to Pay Assessnje>nts <br /> Section 7.1 "Creation of Lien and Personal®luligat6on to I'�tv �Ssse9sinearts" <br /> Each Owner of any lot, by acceptance of a deed thereto,whether or not it shall be so <br /> expressed in such deed, is deemed a covenant, and the lot Owner agrees to pay the <br /> Association an annual Common Assessment. Each Owner further agrees to pay all <br /> assessments allowed by these Covenants and Restrictions, including, assessments made <br /> by the Association to pay for services provided by the Association as allowed herein. <br /> These may include,but are not limited to,fencing requirements and necessary repairs and <br /> clean-Lip of property. The initial annual common assessment is set at $300.00 per year. <br /> Said assessment and any others assessed by the Association„ together with interest, costs <br /> and reasonable attorneys fees for the collection thereof, shall be a charge on the lot and <br /> shall K- a continuing lien upon the lot against which assessment is inade, and shall also <br /> be the personal obligation of the person who was the Owner of such lot at the time when <br /> the assessment fell due. The Association shall have the right to enforce their liens through <br /> foreclosure actions if necessary. <br /> Section 7.2 "Purpose of Assessments" The assessments levied by the <br /> Association shall be used to promote the con-unon health, safety, benefit, and welfare of <br /> the Owners. <br /> Section 7.3 66 Declarant and Assessments"Declarant shall not be liable for <br /> assessments on lots which have not been sold. If Declarant retains any lot or purchases <br /> any lot with the intention of retaining that lot and not reselling it,the Declarant shall pay <br /> assessments on that lot(s). <br /> Declaration nfCovenants,Conditions <br /> And Restrictions of F.R.Fauading Corporation-Pace 6 <br />