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(b) seven years after the first Lot is conveyed of <br /> record to an Owner other than the Declarant. <br /> ARTICLE VI <br /> COVENANT FOR ASSESSMENTS <br /> Section 1. Purpose of Assessments. The Association may levy <br /> assessments exclusively to promote the recreation, health, safety, <br /> and welfare of the residents in the Properties and for the <br /> improvement and maintenance of the Common Area and the <br /> Association's property, including reasonable reserves for future <br /> repairs, maintenance and replacement. <br /> Section 2 . Creation of the Lien and Personal Obligation for <br /> Assessments. The Declarant, for each Lot owned within the Pro- <br /> perties, hereby covenants, and each Owner of any Lot by acceptance <br /> of a deed therefor, whether or not it shall be so expressed in such <br /> deed, is deemed to covenant and agree to pay to the Association: <br /> (a) Annual Assessments per Section 3 of this Article; <br /> (b) Emergency Fund Assessments per Section 4 of this <br /> Article; <br /> (c) Sinking Fund Assessments per Section 5 of this <br /> Article; <br /> (d) Capital Assessments per Section 6 of this Article; <br /> and <br /> (e) Separate Assessments per Section 7 of this Article. <br /> Each Assessment, together with late penalties, interest, costs and <br /> reasonable attorneys' fees for the collection thereof and for the <br /> foreclosure of the lien thereof, shall be a charge on the Lots and <br /> shall be a continuing lien upon the Lots against which each such <br /> assessment is made. Each Assessment against a Lot, together with <br /> late penalties, interest, costs and reasonable attorneys' fees, <br /> shall also be the personal obligation of the person who was the <br /> Owner of the Lot at the time when the Assessment fell due. The <br /> personal obligation for delinquent Assessments shall not pass to <br /> his successors in title unless expressly assumed by them. The sale <br /> � of a Lot shall not operate to discharge the seller's personal <br /> liability. <br /> Section 3 . Annual Assessments. <br /> (a) The Association shall levy "Annual Assessments" to <br /> defray those costs of the Association that occur annually or more <br /> frequently, including without limitation: taxes, insurance, bonds, <br /> operations, maintenance and minor repairs. The Board of Directors <br /> 9 <br />