7.3 MAINTENNACE FEES. An annual maintenance fee shall be paid by each property owner to the White Oak Ponds Association. This maintenance fee shall be paid at the time of closing, pro rated for the balance of the year. The fee will be due and payable on the 1st day of January of each year. Failure to pay the maintenance fee will result in a special lien being placed by the Association against said tract of land. The Developer is excluded from the obligation to pay maintenance fees. The initial maintenance fee shall be $200.00. The maintenance fee may be increased annually, but not by more than 10% per year, and be enacted by a majority vote of the members of the Property Owner’s Association.
7.4 ASSESSMENTS. The Developer, for each Lot owned within the Property, hereby covenants, and each owner of any lot 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 the association annual assessments and special assessments.
The annual assessments, together with interest costs 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, and reasonable attorney's fees, shall also be the personal obligation of the person who is the Owner of such property at the time when the assessment fell due.
7.5 ASSESSMENT PURPOSE. The assessments levied by the Association shall be used exclusively to promote the recreation, health, safety, and welfare of the residents in the Properties, for the improvement and maintenance of the Common Area, and Roads. A part‑time caretaker may be hired to care for the ponds and other common areas. The assessments shall also be used to pay for liability insurance and taxes on White Oak Ponds Subdivision roadways and common areas.
7.6 ASSESSMENT AMOUNT. Assessments, if deemed necessary by the White Oak Ponds Association, shall be determined by and amount set by said Association.
7.7 FEES INCURRED. All costs and expenses incurred by such a party in exercising its cure rights under the Agreement, including, without limitation, reasonable attorneys' fees, shall be paid to the incurring party by the defaulting party upon demand. In the event such costs and expenses incurred are not reimbursed within forty‑five (45) days of the demand for payment of same, such costs and expenses shall bear interest at the rate of the lesser of the maximum amount permitted by application law or twelve (12%) percent per annum from the date of such demand.
7.8 LIEN The lien of the assessments provided for herein shall be subordinate to the lien of any first mortgage. Sale or transfer of any Lot shall not affect the assessment lien. However, the sale or transfer of any lot pursuant to mortgage foreclosure or any proceeding in lieu thereof, shall extinguish the lien of such assessments as to payment which became due prior to such sale or transfer. No sale or transfer shall relieve such Lot from liability for any assessments thereafter becoming due or from the lien thereof.
7.8 RIGHT TO AMEND The Owner's Association shall have the right from time to time to amend these restrictions and covenants by a vote of two thirds of the lot owners. The Developer reserves the right to amend the same at any time prior to the time that the Developer shall own less than three lots in the development, without the necessity of obtaining the permission or joining by any other lot owner. Any such amendments shall be recorded on the