Article 4: Owners’ Association

4.1 Establishment

There is hereby created an association to be called RHODY LANE HOMEOWNERS’ ASSOCIATION (referred to hereinafter as the “Association”).

4.2 Form of Association

The Association shall be a nonprofit corporation formed and operated pursuant to Title 24, Revised Code of Washingon. In the event of any conflict between this Declaration and the Articles of Incorporation for such nonprofit corporation, the provisions of this Declaration shall prevail.

4.3 Membership

4.3.1 Qualification. Each Owner of a Lot in the Project (including Declarant) shall be a member of the Association and shall be entitled to one membership for each Lot so owned. Ownership of a Lot shall be the sole qualification for membership in the Association.

4.3.2 Transfer of Membership. The Association membership of each Owner (including Declarant) shall be appurtenant to the Lot giving rise to such membership, and shall not be assigned, conveyed, pledged or alienated in any way except upon the transfer of title to said Lot and then only to the transferee of title to such Lot. Any attempt to make a prohibited transfer shall be void. Any transfer of title to a Lot shall operate automatically to transfer the membership in the Association appurtenant to the new Owner thereof.

4.4 Voting

4.4.1 Classes of Voting Membership. The Association shall have two classes of voting membership:

Class A. Class A members shall be all Owners except the Declarant. Class A members shall be entitled to one vote for each Lot owned.

Class B. The Class B member shall be the Declarant, which shall be entitled to three (3) votes for each Lot owned.

Article 5: Management of the Association

5.1 Administration of the Development

The Owners covenant and agree that the administration of the Property shall be in accordance with the provisions of this Declaration and the Bylaws of the Association which are made a part hereof.

5.2 Management by Declarant

The Property shall be managed by the Declarant until the earlier of: (a) on hundred twenty (120) days after all Class B membership terminates; or (b) the date on which Declarant elects to permanently relinquish all of its authority under this Section 5.2 by written notice to all Owners. Declarant, so long as it is managing the Property, or a managing agent selected by Declarant, shall have the exclusive power and authority to exercise all the rights, duties and functions of the Board set forth or necessarily implied in this Declaration; provided, however, that the Association may not, however, be bound directly or indirectly to any contracts or leases without the right of termination exercisable without cause and without penalty at any time after transfer of control to the Board elected pursuant to Section 5.3, upon not more than ninety (90) days’ notice to the other party to the contract.

5.3 Management by Elected Board of Directors

At the expiration of Declarants’s management authority under Section 5.2, administrative power and authority shall vest in a Board of Directors elected from among the Lot Owners. The number of directors shall be specified in the Bylaws and shall be sufficient to adequately handle the affairs of the Association. Except as otherwise provided herein, decisions shall be determined by a majority vote of the directors entitled to vote. The Board may delegate all or any portion of its administrative duties to a managing agent or officer of the Association. All Board offices shall be open for election at an organizational meeting. The Board shall elect from among its members a president who shall preside over meetings of the Board and the meetings of the Association.

5.4 Authority and Duties of the Board

On behalf of an acting for the Association, the Board (or the Declarant or Declarant’s managing agent as provided in Section 5.2 hereof), for the benefit of the Project and the Owners, shall have all powers and authority permitted to the Board under this Declaration, including but not limited to the following:

5.4.1 Assessments. Establish and collect regular Assessments (and to the extent necessary and permitted hereunder, special Assessments) to defray expenses attributable to carrying out its duties hereunder and maintain an adequate reserve fund for the maintenance, repair and replacement of those portions of the Common Areas or facilities which must be maintained, repaired or replaced on a periodic basis, which reserve shall be funded by the above Assessments.

5.4.2 Service. Obtain the services of persons or firms as required to properly manage the affairs of the Project to the extent deemed advisable by the Board including legal and accounting services, property management services as well as such other personnel as the Board shall determine are necessary or proper for the operation of the Project, whether such personnel as the Board shall determine are necessary or proper for the operation of the Project, and whether such personnel are employed directly by the Board or are furnished by the manager or management firm or agent.

5.4.3 Utilities. Obtain water, sewer, garbage collection, electrical, telephone, gas and any other necessary utility service including utility easements and street lighting, as required for the Common Area.

5.4.4 Insurance. Obtain and pay for policies of insurance or bonds providing:

• Common Area casualty and liability coverage;

• fidelity of Association officers and other employees.

• Insurance under clauses (a) and (b) be in accordance with the requirements set for herein.

5.4.5 Common Area Maintenance/Repair. Pay for the costs of painting, maintenance, repair and all landscaping and gardening work for the Common Areas and improvements located theron so as to keep the Property in a good, clean, attractive, sanitary and safe condition and in full compliance with applicable governmental laws, rules and regulations and the provisions of this Declaration. The foregoing shall include: the cost of maintaining the storm retention ponds or similar facility, if any; and such replacing and repairing of furnishings and equipment, if any, for the Common Area as the Board shall determine are necessary and proper.

5.4.6 Maintenance of Rights of Way, etc. To the extent deemed advisable by the Board, pay for the costs of maintaining and landscaping rights of way, traffic islands and medians, or other similar areas which are within or adjacent to the Project boundaries, and which are owned by or dedicated to a governmental entity, if said governmental entity fails to do so; provided, the Board at its option may require a Lot Owner at the Owner’s expense (rather than the Association) to maintain and landscape such areas as are adjacent to such Owner’s Lot.

5.4.7 Fences, etc. To the extent deemed advisable by the Board, pay for the cost of maintaining, repairing and replacing: perimeter and interior fences, if any; and landscaping and improvements on easements, if any, which are located on or across Lots; provided, the Board at its option may require a Lot Owner at the Owner’s expense to maintain, repair and replace such fences, landscaping and improvements as are adjacent to such Owner’s Lot.

5.4.8 Lot and Lot Improvement Maintenance. In the event an owner of any Lot or Home in the Property shal fail to maintain the premises and the improvements situated thereon in accordance with the provisions of teh Declaration, the Association, after approval by two-thirds (⅔) vote of the Board of Directors, shall have the right, through its agents and employees, to enter upon said parcel and to repair, maintain, and restore the Lot and any other improvements erected thereon. The cost of such maintenance shall be added to and become part of the assessment to which such Lot or Home is subject.

5.4.9 Lien/Encumbrance. The Board may pay any amount necessary to discharge any lien or encumbrance levied against the Common Areas or any part thereof which is claimed to or may, in the opinion of the Board, constitute a lien against the Common Areas, rather than merely against the interest therin of particular Owners. Where one or more Owners are responsible for the existence of such lien, they shall be jointly and severally liable for the cost of discharging it, and any costs and expenses (including court costs and attorney fees) incurred by the Board by reason of such lien or liens shall be specially charged against the Owners and the Lots responsible to the extent of their responsibility.

5.4.10 Enforce Declaration. Enforce the applicable provisions of the Declaration for the management and control of the Project.

5.4.11 Materials, Services, etc. Contract and pay for any materials, supplies, labor or services which the Board should determine are necessary or proper for the enforcement of this Declaration, including legal, accounting, management or other services; provided that if for any reason any materials, supplies, labor or services are provided for particular Lots or their Owners, the cost thereof shall be specially charged to the Owner of such Lots.

5.4.12 Attorney-in-Fact. Each Owner, by the mere act of becoming an Owner, shall irrevocably appoint the Association as his attorney-in-fact, with full power of substitution, to take such action as reasonably necessary to promptly perform the duties of the Association and Board hereunder, including but not limited to the duties to maintain, repair and improve the Property, to deal with the Property upon damage or destruction, and to secure insurance proceeds.

5.4.13 Borrowing of Funds. In the discharge of its duties and the exercise of its powers as set forth herein, but subject to the limitations set forth herein, the Board may borrow funds on behalf of the Association.

5.4.14 Adoption of Rules and Regulation. When and to the extent deemed advisable by the Board, to adopt reasonable rules and regulations governing the maintenance and use of the Property and other matters of mutual concern to the Lot Owners, which rules and regulations are not inconsistent with this Declaration and the Bylaws and which treat all Owners fairly and on a non-discriminatory basis.

5.4.15 Additional Powers of Association. In addition to the duties and powers of the Association, as specified herein, and elsewhere in this Declaration, but subject to the provisions of this Declaration, the Assocation, acting through its Board, shall have the power to do all other things which may be deemed reasonably necessary to carry out its duties and the purposes of this Declaration.

Article 6: Architectural Control

6.1 Construction and Exterior Alteration/Repair

6.1.1 All buildings and structures (including, without limitation, concrete or masonry walls, rockeries, fences, swimming pools, if any, or other structures) to be constructed within the Property, and all exterior alterations and repairs (including, but not limited to, reroofing or repainting) of any buildings or structures on the Property and visible from any public street, Common Area or other Lot must be approved by the ACC. The ACC shall be composed of two separate panels: a Builder’s panel consisting of three persons appointed by the Declarant that will have authority over all of the construction and improvements by Declarant and other Builders in the Project; and a homeowner’s panel consisting of not less than three nor more than five persons appointed by the Board that will have authority over all of the construction and improvements by other Lot or Home Owners. The Builder’s panel shall cease after the Builders have completed all such proposed buildings, structures, and exterior alterations and repairs, together with detailed plans showing the proposed location of the same on the particular building site and other data requested by the ACC, shall be submitted to the ACC before construction, alteration or repair is started. Construction, alteration or repair shall not be started until written approval thereof is given by the ACC. Any exterior modifications approved or developed by the Declarant while exercising management authority under Section 5.2 will be deemed approved exterior modifications.

6.1.2 The ACC will review submittals as to the quality of workmanship and materials planned and for conformity and harmony of the external design with proposed or existing structures on neighborhood residential Lots or building sites, and as to location of the building with respect to topography, finish grade elevation and building setback restrictions. 

6.1.3 In the event the ACC fails to approve or disapprove such design and location with (30) days after said plans and specifications have been submitted to it, such approval will not be required.

6.1.4 All plans and specifications for approval by the ACC must be submitted in duplicate at least thirty (30) days prior to the proposed construction or exterior alteration or repair starting date. The maximum height of any building shall be established by the ACC as part of the plan approval and shall be given in writing together with the approval. 

6.1.5 The ACC may require that said plans or specifications shall be prepared by an architect or a competent house-designer, approved by the ACC. One complete set of said plans and specifications shall in each case be delivered to and permanently left with the ACC. All buildings or structures shall be erected or constructed, and all exterior alterations or repairs made, by a contractor, house Builder or other person or entity approved by the ACC. The ACC shall have the right to refuse to approve any design, plan or color for such improvements, construction, or exterior alteration or repair visible from a public street, Common Area or other Lot which is not suitable or desirable, in the ACC’s reasonable opinion, aesthetic or otherwise.

6.1.6 In so passing upon such design, the ACC shall have the right to take into consideration the suitability of the proposed building or other structure, and the material of which it is to be built, and the exterior color scheme, to the site upon which it is proposed to erect the same, the harmony thereof with the surroundings, and the effect or impairment that said structures will have on the view or outlook of surrounding building sites, and any and all factors, which, in the ACC’s opinion, shall affect the desirability or suitability of such proposed structure, improvements, or exterior alteration or repair. 

6.1.7 The ACC shall have the right to disapprove the design or installation of a swimming pool, hot tub or any other recreational structure or equipment undesirable, in the ACC’s reasonable opinion, aesthetic or otherwise. In so passing upon such design or proposed installation, the ACC shall have the right to take into consideration the visual impact of the structure and the noise impact of the related activities upon all of the properties located in close proximity. Any enclosure or cover used in connection with such a recreational structure or equipment, whether temporary, collapsible, seasonal, or whatever, shall be treated as a permanent structure for the purposes of these covenants, and shall be subject to all the conditions, restrictions, and requirements as set forth herein for all buildings and structures.

6.1.8 The ACC shall have the right, in conformance with City ordinances and upon issuance of any required permits, to require, at an Owner’s expense, the trimming or topping (or, if deemed necessary by the ACC, removal) of any tree, hedges or shrub on a Lot which the ACC determines is unreasonably blocking or interfering with the view or access to sunlight or another Lot or Home.

6.1.9 The ACC shall have the right to specify precisely the size, color and style of mail and newspaper boxes, and of the post or support on which such boxes are affixed, and their location within the Project.

6.1.10 Declarant (including any successor in interest to Declarant’s status as Declarant) shall not be subject to the restrictions of this Section 6.1 as to any Lot owned by Declarant, whether or not any Class B membership exists and whether or not management of the Association has been relinquished by Declarant pursuant to Section 5.2 hereof.

6.1.11 The Board may adopt guidelines, criteria, and procedures for the ACC (ACC guidelines) as Association rules, and prescribe penalties and other methods of enforcement. Provided, that until all of the Homes in the Project have been completed, the Board may not adopt, amend, or repeal ACC guidelines pertaining to either the homeowner’s panel or the Builder’s panel without the Declarant’s prior written approval.

Article 7: Owners Use/Maintenance Obligation

7.1 Maintenance of Lots

Except as provided in Article 5, each Owner, at said Owner’s sole cost and expense, shall promptly and continuously maintain, repair and restore said Owner’s Lot (including the yard and landscaping) and Home and other improvements located thereon, and also such other areas as may be required pursuant to Article 5, in a good, clean, attractive, safe and sanitary condition and in full compliance with all applicable governmental laws, rules and regulations and the provisions of this Declaration and the rules and regulations of the Association. 

7.2 Residential Use

Except as provided in Section 7.6, all Lots and improvements located thereon shall be used for:

7.2.1 sleeping, eating, food preparation for on-site consumption by occupants and guests, entertaining by occupants of personal guests and similar activities commonly conducted within a residential dwelling, without regard to whether the Living Unit Owner or occupant resides in the Living Unit as a primary or secondary personal residence, on an ownership, rental, lease or invitee basis;

7.2.2 such other reasonable ancillary purposes commonly associated with residential dwellings (including without limitation home-offices and home-occupations) which do not: cause unusual traffic, parking, noise or similar problems; or otherwise violate provisions of this Declaration, Association rules and regulations, or applicable law for residential dwellings;

7.2.3 the common social, recreational or other reasonable uses normally incident to such purposes; and

7.2.4 for purposes of operating the Association and managing the Property.
Nothing herein shall be deemed to prevent the Owner from leasing a Home and improvements subject to all the provisions of this Declaration.

7.6 Business Use

No business of any kind shall be conducted on any Lot or Home with the exception of: (a) the business of creating, improving and selling the Lots and Homes located in the Property; (b) uses otherwise permitted by Section 7.2; and, (c) such other non-residential business and commercial uses permitted by zoning and other laws applicable to a particular Lot. The Lot Owners shall comply with all the requirements of the appropriate local governments. No materials, supplies or equipment used by a business shall be stored on any Lot or Home within the view of another Lot or Home, except for items relating to an improvement which is under construction in conformance with this Declaration. 

7.11 Garages

Every Home must have a garage which holds at least one full-size car, but no more than three full-size cars (any car, truck, boat, recreational vehicle, etc. shall be deemed as one car for purposes of this limitation). All car, trucks, boats, recreational vehicles, or other motor vehicles (“vehicles”) must be stored in garages or in a manner which the Board reasonably determines is not offensive when viewed from the street or from the ground level of adjacent Lots. Storage of personal property (other than vehicles) in garages is prohibited to the extent that such storage would prevent a vehicle (regularly used by an occupant) from being stored within the garage. 

7.15 Parking

Unless substantially screened from view from the street or from the ground level of adjacent Lots in a manner reasonably approved by the ACC, no disabled vehicles, recreational vehicles, commercial vehicles, construction or like equipment, or trailers (utility, boat, camping, horse or otherwise), shall be allowed to be parked or stored on any rights-of-ways, setback areas, or street. If parked in rear or side yards, vehicles must be adequately screened with at least a six foot solid fence and otherwise in compliance with the regulations of the ACC. The Board of Directors shall have full authority to determine if any vehicle is obnoxious or undesirable to other Lot Owners and take appropriate steps to correct such a violation of this covenant. 

7.17 Exterior Finish

The exterior or each residence shall be designed, built and maintained in such a manner as to blend in with the natural surroundings, existing structures and landscaping of the Project. All exterior materials and all exterior colors must be approved by the ACC in accordance with the provisions of this Article. Exterior trim, fences, doors, railing, decks, eaves, gutters and the exterior finish of garages and other accessory buildings shall be designed shall be designed, built and maintained to be compatible with the exterior structures they adjoin. All windows shall be white. A minimum of 20 square feet of masonry shall adorn the front exterior of each dwelling.

7.20 Fencing

Fences may only be placed along the rear property line and from the front building line to the rear lot line, cannot exceed 6 feet in height, under no circumstances may obstruct view from any other lot, and must be constructed of wood or other material approved by the ACC. Hedges or other solid screen planting may be used as lot line barriers, subject to the same height restrictions as fences.

7.22 Garbage and Refuse

No garbage, refuse, rubbish, cuttings, or debris of any kind shall be deposited on or left upon any Lot unless placed in an attractive container suitable located and screened from the view of any other Owner. All equipment for the storage or disposal of such materials shall be kept in a clean and sanitary condition. No building material of any kind shall be placed or stored on any property within the development until the Owner is ready to commence construction, and then such materials shall be placed within the boundary lines of the Lot upon which its use is intended. Garbage cans may only be placed so that they do not obstruct or hamper any other Owner’s view and must be suitable screened from all other Owner’s views.

7.26 Landscaping

All cleared areas in front of the building line to the street shall be fully landscaped with 30 days, depending on weather conditions, of the time when the house is ready for occupancy. Owner shall install or have installed within 6 months of occupancy the balance of all landscaping unless a time longer is approved by the ACC.

7.28 Temporary Structures

No trailer, basement, tent, shack, garage, barn or other outbuildings or any structure of a temporary character shall be erected or placed on the Property, even temporarily. No building or structure shall be moved on to the Property from any land outside the development. Provided: a trailer may be placed and occupied by the designated subdivision sales agent with the prior written approval of the ACC; and a construction shack may be used by an Owner’s construction contractor during the construction period.

7.33 Nuisances

No noxious, harmful or offensive thing or use shall be permitted or maintained upon any Lot or upon any other portion of the Property, nor shall anything be done thereon which may be or may become an annoyance or nuisance to any Owner.

Article 8: Common Expenses and Assessments

8.1 Lien and Personal Obligation for Assessments

The Declarant, for each Lot and Home owned within the Property, hereby covenants, and each Owner of any Lot and Home by acceptance of a deed therefor, whether or not it shall be so expressed in such deed, is deemed to covenant and agree to pay to the Association any assessment duly levied by the Association as provided herein. Such assessments, together with interest, costs, late charges and reasonable attorney’s fees, shall be a charge on the land and shall be a continuing lien upon the property against which each such assessment is made. Each such assessment, together with interest, costs, late charges and reasonable attorneys’ fees, shall also be the personal obligation of the person who was the Owner of such property at the time when the assessment fell due. The personal obligation for delinquent assessments shall not pass to his successors in title transfer or unless expressly assumed by them. Provided, however, that in the case of a sale of any Home or Lot which is charged with the payment of an assessment or assessments payable in installments, the person or entity who is the Owner immediately prior to the date of any such sale shall be personally liable only for the amount of the installments due prior to said date. The new Owner shall be personally liable for installments which become due on and after said date. 

8.2 Uniform Rate

8.2.1 Common Expenses. Except as otherwise provided in this Declaration, Assessments to pay for Common Expenses shall be based on the Common Expense Percentage. 

8.2.2 Special Charges to Owner. Assessments levied against an Owner for the purpose of reimbursing the Association for costs incurred in bringing the Owner or his Lot and/or Home into compliance with the provisions of this Declaration shall be paid solely by that Owner. 

8.2.3 Declarant Assessments. Declarant shall pay any assessment levied against any Lots owned by it. 

8.3 Limitation on Annual Assessment Amount

8.3.1 Board Authority. The Board shall have the authority, without obtaining prior approval of the Owners to levy assessments in a given calendar year totaling not more than $120.00 per lot. Assessments included in the foregoing calculation shall not induce any assessments which are levied against an Owner for reimbursing the Association for costs incurred in bringing the Owner or his Home and/or Lot into compliance with the provisions of this Declaration. 

8.3.2 Inflationary Increase in Limit. The dollar amount specified in Section 6.3.1 shall be increased proportionately by the increase in the Consumer Price Index for the City of Seattle, Washington, for All Urban Consumers, prepared by the United States Department of Labor for the base period, January 1, 1995, to adjust for any deflation in the value of the dollar. 

8.3.3 Owner Approval Required. Any assessment to be levied in a given calendar year which would cause the total of all assessments for the year to exceed the sum per Lot permitted by Section 8.3.1 shall require the calling of a meeting of the Association upon notice sent to all members not less than thirty (30) nor more than sixty (60) days in advance of the meeting, and the assessment shall be deemed approved unless rejected by fifty-one percent (51%) of the Owners. In the event any such assessment is rejected, the prior immediately prior assessment shall continue in effect. In addition, any borrowing by the Association in any amount shall require the approval of the members in the manner set forth herein. 

8.4 Manner and Time of Payment

Assessments shall be payable in such reasonable manner as the Board shall designate. Any assessment or installment thereof which remains unpaid for at least fifteen (15) days after the due date thereof shall bear interest at the rate of 12% per annum, and the Board may also assess a late charge in an amount not exceeding 25% of any unpaid assessment which has been delinquent for more than fifteen (15) days. 

8.5 Accounts

Any assessments collected by the Association shall be deposited in one or more insured institutional depository accounts established by the Board. The Board shall have exclusive control of such accounts and shall maintain accurate records thereof. No withdrawal shall be made from said accounts except to pay for charges and expenses authorized by this Declaration.

8.6 Lien

In the event any assessment or installment thereof remains delinquent for more than thirty (30) days, the Board may, upon fifteen (15) days’ prior written notice to the Owner of such Lot of the existence of the default, accelerate and demand immediate payment of the entire assessment. The amount of any assessment assessed or charged to any Lot plus interest, costs, late charges and reasonable attorneys’ fees, shall be a lien upon such Lot. A Notice of Assessment may be recorded in the office where real estate conveyances are recorded for the county in which this Project is located. Such Notice of Assessment may be filed at any time at least fifteen (15) days following delivery of the notice referred to above in this Section 8.6. The lien for payment of such assessments and charges shall have priority over all other liens and encumbrances, recorded or unrecorded, limited as provided in Section 9.1. Suit to recover a money judgment for unpaid assessments or charges shall be maintainable without foreclosure or waiver of the lien securing the same. 

8.7 Waiver of Homestead

Each Owner hereby waives, to the extent of any liens created pursuant to this Article, the benefit of any homestead or exemption law in effect at the time any assessment or installment thereof becomes delinquent or any lien is imposed pursuant to the terms hereof. 

8.8 Continuing Liability for Assessments

No Owner may exempt himself from liability for his Assessments by abandonment of his Home or Lot. 

8.9 Records; Financial Statements

The Board shall prepare or cause to be prepared, for any calendar year in which the Association levies or collects any assessments, and shall distribute to all Owners, a balance sheet and an operating (income/expense) statement for the Association, which shall include a schedule of assessments received and receivable, identified by the number of the Lot and the name of the Owner so assessed. The Board shall cause detailed and accurate records of the receipts and expenditures of the Association to be kept specifying and itemizing the maintenance, operating, and any other expenses incurred. Such records, copies of this Declaration, the Articles and the Bylaws, and any resolutions authorizing expenditures of Association funds shall be available for examination by any Owner at convenient hours of weekdays. 

8.10 Certificate of Assessment

A certificate executed and acknowledged by the treasurer or the president of the Board, or an authorized agent thereof if neither the president nor treasurer is available, stating the indebtedness for assessments and charges or lack thereof secured by the assessment lien upon any Lot shall be conclusive upon the Association as to the amount of such indebtedness on the date of the certificate, in favor of all persons who rely thereon in good faith. Such a certificate shall be furnished to any Owner or any encumbrancer of a Lot within a reasonable time after request, in recordable form, at a reasonable fee. Unless otherwise prohibited by law, any encumbrancer holding a lien on a Lot may pay any unpaid assessments or charges with respect to such Lot, and, upon such payment, shall have a lien on such Lot for the amounts paid of the same rank as the lien of his encumbrance. 

8.11 Assessment Lien; Attorneys’ Fees and Costs

The Declarant or Board, on behalf of the Association, may initiate action to foreclose the lien of, or collect, any assessment. In any action to foreclose the lien of, or otherwise collect, delinquent assessments or charges, any judgment rendered in favor of the Association shall include a reasonable sum for attorneys’ fees and all costs and expenses reasonable incurred in preparation for or in the prosecution of said action, in addition to taxable costs permitted by law. 

8.12 Curing of Default

The Board shall prepare and record a satisfaction and release of the lien for which a Notice of Assessment has been filed and recorded in accordance with this Article upon timely payment or other satisfaction of all delinquent assessments set forth in the Notice, and all other assessments which have become due and payable following the date of such recordation with respect to the Lot as to which such Notice of Assessment was recorded, together with all costs, late charges and interest which have accrued thereon. A fee of twenty-five dollars ($25.00) covering the cost of preparation and recordation shall be paid to the Association prior to such action. The satisfaction of the lien created by the Notice of Assessment shall be executed by the president or treasurer of the Association or by any authorized representative of the Board. For the purposes of this paragraph, the term “costs” shall include costs and expenses actually incurred or expended by the Association in connection with the cost of preparation and recordation of the Notice of Assessment and in efforts to collect the delinquent assessments secured by the lien and a reasonable sum for attorneys’ fees. 

8.13 Payment by Owners

Each Owner shall be obligated to pay its share of common expenses and special charges made pursuant to this Article to the treasurer for the Association. Assessments for each Owner shall begin on the date said Owner closes the transaction in which he acquires right, title or interest in the Lot. Assessments for the initial month shall be prorated if closing occurs on other than the first of the month. Any assessment or charge which remains unpaid for at least fifteen (15) days shall bear interest at the rate of twelve percent (12%) from due date until paid. In addition, the Board may impose a late charge in an amount not exceeding twenty-five (25%) of any unpaid assessment or charge which has remained delinquent for more than fifteen (15) days. 

8.14 Omission of Assessment

The omission boy the Board or the Association to fix the estimate for assessments and charges hereunder for the next year before the expiration of any current year shall not be deemed a waiver or modification in any respect of the provisions of this Declaration, or a release of the Owner from the obligation to pay the assessments and charges, or any installment thereof for that or any subsequent year. The assessment and charge fixed for the preceding year shall continue until a new assessment or charge is fixed.