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limited solely to the Owner and Occupant of the Lot to which it is attached. ARTICLE V COVENANTS FOR ANNUAL ASSESSMENTS AND SPECIAL ASSESSMENTS Section 1. Creation of the Lien and Personal Obligation of Assessments. The Declarant, for each Lot owned by it within the properties, hereby covenants, and each Owner of any Lot subject to this Declaration by acceptance of a deed therefore, whether or not it shall be so expressed in any such deed or other conveyance, shall be and hereby is deemed to covenant and agrees to pay the Association: (a) annual assessments or charges, (b) special assessments, and (c) insurance assessments, such assessments to be fixed, levied, established and collected from time to time as hereinafter provided. The annual, special, and insurance assessments, together with fees, charges, late charges, fines, interest imposed by the Association pursuant to Section 5158.3-102(a) (l0) (II) and (12) of the Act, costs of collection thereof and reasonable attorney's fees, shall be a charge on each such Lot and shall be a continuing lien on each such Lot against which such assessment is made. Each such assessment, together with interest thereon, costs of collection thereof and reasonable attorney's fees, shall be a personal obligation of the person or legal entity who was the Owner of each such Lot at the time when the assessment became due. The personal obligation for delinquent assessments shall not pass to such Owner's successor in title to the Lot against which such assessment was made unless expressly assumed by such successor. Filing of this Declaration constitutes record notice and perfection of any lien under this Article, and no further filing of any notice of or claim for the lien is required. Section 2. Purpose of Assessments. The assessments for Common Expenses levied by the Association shall be used exclusively for the purposes of promoting the pleasure, health, safety and welfare of the residents of the properties and, in particular, for the maintenance of the property, services and facilities devoted to this purpose and related to the use and enjoyment of the improvements erected upon each Lot. An adequate reserve fund shall be maintained for maintenance, repairs and replacement of the elements of the properties which must be maintained, repaired or replaced by the Association on a periodic basis, including, without limitation, roofs, exterior wall surfaces and driveways. Section 3. Basis of Annual Assessments. Annual assessments shall be levied on the basis of number of Lots assuming one building per Lot. Section 4. Maximum Annual Assessments. Until January I , 2001 the maximum annual assessment shall be Nine Hundred and NollOOths ($900.00) Dollars per Lot. From and after January I , 200 I the maximum annual assessment may be increased each year by the greater of six percent (6%) or the percentage increase during the previous 12 month period (as measured from the date on which the Board of Directors fixes such annual assessment pursuant to Section 8 hereof) in the Consumer Price Index. "All Urban Consumers", published for the Minneapolis/St. Paul metropolitan area by the U.S. Department of Commerce, Bureau of Labor Statistics ("CPI") or such other index as may be published in the future by the Federal Government as replacement for the CPI, provided, however, that such maximum annual assessment may be increased above the amount of any such increase on the CPI by a vote of members holding two-thirds (2/3) of the votes in each class of voting membership who are voting in person, by proxy, or by mail at a meeting duly called for that purpose. The Board of Directors may fix the annual assessment at any amount not in excess of the maximum. Notwithstanding anything to the contrary in this Article V, if a Common Expense assessment has been levied, any Lot owned by Declarant for initial sale shall be assessed at the rate of 25% of the assessment levied on other Lots of the same. type until a certificate of occupancy has been issued with respect to such Lot by the municipality in which 6