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asses of votin# <br />wnersr with the <br />intitled to one <br />i person is the <br />ambers and each <br />al to the per- <br />the Declarantr <br />t for each Lot <br />nd be converted <br />either of the <br />len conveyed of <br />t; or <br />jOt is conveyed <br />larant. <br />ssociation may <br />sation, health, <br />»erties and for <br />Lrea, including <br />:e and replace- <br />Obligation for <br />rithin the Pro- <br />Lot by accep- <br />be so expressed <br />to pay to the <br />this Article; <br />tion 4 of this <br />ion 5 of this <br />C this Article; <br />e this Article. <br />f- <br />Such assessments, together with late penalties, interest, costs <br />and reasonable attorneys* fees for the collection thereof and for <br />the foreclosure of the lien thereof, shall be a charo# on Ihl <br />Moh • continuing lien upon the Lots against which <br />each such assessment is made. Each assessment against a Lot <br />t^ether with late penalties, interest, costs a2d reasonibli <br />attorneys fees, shall also be the personal obligation of the <br />person who was the Owner of the Lot at the time when the assess- <br />ment fell due. The personal obligation for delinquent assess­ <br />ments shall not pass to his successors in title unless exoresslv <br />assumed by them. The sale of a Lot shall not operate to dis­ <br />charge the seller's personal liability. ^ <br />Section 3. Annual Assessments. <br />defray "Annual Assessments" to <br />^equently, including without limitation: taxeS“ iLSran^^ <br />bonds, operations, maintenance and minor repairs. urance. <br />the Annual*an aioun\“ no <br />to this subsection. Until <br />y ' Maximum Annual Assessment shall <br />• Tt'ereafter the Maximum Annual Assessment ^may be increasedeach vear not more ___ _ _ _ xnuireasea <br />pircentaae for Maximum Annual Asse^mfnt <br />the inV^Ms. * percentage not more thanthe increase in the consumer price index for the Twin Cities <br />Stlti5tics“"wht^h“ P“t>lished by the O.S. Bureau of Labor Statistics, whichever is greater, without a vote of the member- <br />Assessment may be increased abovi this <br />rate only by a majority vote of each class of members who are <br />pSr^le.^" person or by proxy, at a meeting duly called for this <br />t-hA firtxh Assessments shall be due as to all Lots on <br />Lot ^hJ month following the conveyance of the firstthe Declarant to any purchaser tha re** AnMumi <br />Assessment may be adjusted according to the number of months <br />remaining in the Association's fiscal year. The Board of <br />each'Lot* at * amount of the Annual Assessment against <br />vear Wrl^t«i®no^< days in advance of each fiscal <br />Lfrv Annual Assessment shall be sent to <br />DireL^a aAa mil® k“® ‘*®*^®® established by the Board of <br />?JJ|Sen”y%"h^rs"em"f-an°nu?Uy.'^*^“®"“^ ‘*’®" <br />Emergency Fund Assessment. <br />. - Association shall establish a separate fund to <br />expenses or emergencies (the "Emergency Fund") <br />The Emergency Fund shall at all times be equal to tSr^2) mSnth^ <br />estimated Annual Assessment for each Lot, but the amounts paid <br />- 8 - <br />1 <br />i <br />[ <br />r <br />into t <br />of Ann <br />"Emerg <br />Fund s <br />of the <br />after <br />pay €i <br />Associ. <br />funds <br />the sa <br />level <br />replen <br />Assess! <br />S< <br />fund ( <br />replace <br />after « <br />improv! <br />sewer : <br />determ: <br />schedu! <br />Sinkii <br />increa! <br />is ex{ <br />Sinkini <br />quate i <br />may le <br />the exi <br />Fund i <br />whenevi <br />improv4 <br />"Capitf <br />in sue: <br />but no <br />semiani <br />expect<