DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS
PAGE 24
ARTICLE IV (cont.)
4.8. Variances (cont.).
granting of such a variance does not waive any of the terms and provisions of this Declaration for any purpose except as to the particular property and particular provision hereof covered by the variance, nor does it affect the Owner's obligation to comply with all applicable governmental ordinances affecting the use of his Residence.
4.9. Appeals.
For so long as Declarant has the right to appoint and remove a majority of the Committee members, the Committee's decisions are final, and there is no appeal to the Board'. When Declarant is no longer entitled to appoint and remove a majority of the Committee's members, the Board may adopt policies and procedures for the appeal of Committee decisions to the Board. The Board has no obligation to adopt or implement any appeal procedures, and in the absence of Board adoption of appeal procedures, all Committee decisions are final.
ARTICLE V
5. Association Maintenance Funds and Assessments.
5.1. Personal Obligation of Assessments.
Declarant, for each Condominium owned by it, hereby covenants to pay, and each Owner, by acceptance of a deed to a Condominium, whether or not it shall be so expressed in such deed, is deemed to covenant to pay to the Association (a) Annual Assessments, (b) Special Assessments,
(c) Reconstruction Assessments and (d) Capital Improvement Assessments; such assessments to be established and collected as provided herein. The Association may not levy or collect any Annual Assessment, Capital Improvement Assessment, Special Assessment or Reconstruction Assessment that exceeds the amount necessary for the purpose for which it is levied. Except as provided in this Section 5.1, all such assessments (other than Special Assessments), together with interest, costs, and reasonable attorneys' fees for the collection thereof, are a charge and a continuing lien on the Condominium against which such assessment is made. Each such assessment including Special Assessments), together with interest, costs and reasonable attorneys' fees is also the personal obligation of the Person who was the Owner of the Condominium at the time when the assessment fell due. The personal obligation for delinquent assessments may not pass to any new Owner ("Purchaser") unless expressly assumed by the Purchaser.
5.2. Maintenance Funds of Association.
The Board shall establish no fewer than two (2) separate Association Maintenance Fund accounts into which shall be deposited all monies paid to the Association and from which disbursements shall be made, as provided herein, in the Association's performance of functions under this Declaration. The Association Maintenance Funds may be established as trust accounts at a banking or savings institution and shall include: (a) an Operating Fund for current Common. Expenses, (b) an adequate Reserve Fund for the deposit of Reserves attributable to Improvements within the Common Property (which would not reasonably be expected to occur on an annual or more frequent basis), and for payment of deductible amounts for insurance policies which the Association obtains as provided in Section 9.1 hereof, and (c) any other funds which the Board