issue on the happening of either of the following events, whichever occurs earlier:
(a) The sale or transfer by a Declarant of the last lot owned by it to an Owner, or
(b) On December 31, 1998
Article IV — Maintenance Assessments
Section 1. Creation of the Lien and Personal Obligation of Assessments.
Each Owner of any Lot by acceptance of a deed therefor, whether or not it shall be so expressed in any such deed or other conveyance, is deemed to covenant and agree to pay to the Association:
(i) Annual assessments or charges, and
(ii) Special assessments for capital improvements, repairs and costs.
Such assessments shall be fixed, established and collected from time to time as hereinafter provided.
The annual and special assessments, together with late charges (including reasonable attorney's fees), interest thereon and costs of collection thereof, as hereinafter provided in Section 8 of this Article, shall be a charge on the land and shall be a continuing lien upon the Lot or Lots against which each such assessment is made. Each such assessment, including any charges under Section 8 of this Article shall be the personal obligation of the person(s) or entity who were the Owners of such Lot or Lots at the time when the assessment became due and payable.
Section 2. Purpose of Assessments.
The assessments levied by the Association shall be
(i) for the purposes of maintaining, painting, clearing, mowing, weed trimming and edging (the latter three items at least three times during the growing season), cleaning, repairing, reconstructing, replacing, replanting, landscaping and/or otherwise improving the Common Area, Trail Facilities, Association property, exterior perimeter fencing on Shelter Lane and entrance signs or otherwise providing
