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inconsistent with the Governing Documents. New or amended Rules and Regulations will be effective after reasonable notice of the new Rule or Regulation has been given to the Owners. 5.6 Association Assets: Surplus Funds. All funds and real or personal property acquired by the Association shall be held and used for the benefit of the Owners for the purposes stated in the Governing Documents. Surplus funds remaining after the payment of or provision for Common Expenses and reserves shall be credited against future assessments or added to reserves, as the Board determines. ARTICLE 6 COMMON EXPENSES ASSESSMENTS 6.1 General. The assessments levied by the Association shall be used to promote the recreation, health, safety and welfare of the residents in the Development and for the improvement and maintenance of the Common Elements and other areas that the Association is obligated to maintain. 6.2 Types and Amounts of Assessments. The Board will determine and levy assessments for Common Expenses against the Lots in the Board's discretion, subject to any limitations in the Governing Documents. Assessments for Common Expenses shall include annual assessments and may include special assessments. Annual assessments shall be payable in monthly installments or at such other time interval as the Board determines, shall cover anticipated Common Expenses for that year and may include a separate reserve fund sufficient in the Board's discretion to cover periodic cost of maintenance, repair and replacement of the Common Elements. Assessments shall be allocated equally among the Lots, subject to the following qualifications: a. Any Common Expenses or a portion thereof benefitting only some of the Lots may be assessed only against the benefitted Lots on the basis of(i) the actual cost incurred for each Lot, (ii) square footage of the area being maintained, repaired or replaced, (iii) equality, or(iv) any other equitable criteria the Board establishes. b. Reasonable attorneys fees and other costs the Association incurs in connection with (i) the collection of assessments, and (ii)the enforcement of the Governing Documents or the Rules and Regulations against an individual Owner or Occupant or their guests, may be assessed against the Owner and the Owner's Lot and may include late charges, fines and interest. C. Assessments levied to pay a judgment against the Association will be levied only against Lots existing at the time the judgment was entered. l PSeptember Sr 2006:C2006 08 31 v P:\DATA\19936\001\Deelnrntion.wpd etg