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c. For acquisition of additional common areas or facilities. <br />d. For the purpose of providing public services to the properties of RIVERTON COTTAGES and its <br />members. <br />Section 3. Collection of Assessments. Unless otherwise provided herein, assessments may be collected <br />on a monthly, quarterly, semi annual or annual basis at the direction of the Board of Directors of <br />RIVERTON COTTAGES. <br />ARTICLE VII <br />Reserves <br />Section 1. Reserves for Depreciation and Obsolescence. Wherever it is herein provided that RIVERTON <br />COTTAGES may levy and collect funds for any of the several enumerated purposes, such funds may <br />include therein a reasonable amount, as determined by the Board of Directors, to be set aside as a <br />reserve for depreciation and obsolescence and for repair and replacement, together with needed capital <br />improvements, of any of the services, facilities, or utilities which RIVERTON COTTAGES may provide, <br />furnish or cause to be furnished. To this end, separate accounts shall be established in which funds shall <br />be accumulated for the aforementioned purposes. Such accumulations shall be invested by the <br />treasurer at the direction of the Board of Directors. There shall be no co- mingling of reserves with other <br />RIVERTON COTTAGES funds or investments. <br />Section 2. Initiation of Reserve. Commencement date for the payment of reserves, the amount and <br />method and frequency of payment, shall be as determined by the Board of Directors of RIVERTON <br />COTTAGES. <br />ARTICLE VIII <br />Financial Obligations of Membership, Collection, Enforcement and Liens <br />Section 1. Creation of the Lien and Personal Financial Obligations. Each owner of any lot by acceptance <br />of a deed or the entry into a contract of purchase therefor, whether or not it shall be expressed in such <br />deed or contract, is deemed to covenant and agree to pay to RIVERTON COTTAGES any and all financial <br />obligations, including dues, fees and assessments, levied against the owner or the owner's property. <br />Such financial obligations shall be established and collected as in the Articles of Incorporation, Bylaws <br />and this Declaration more particularly provided. From and after the fixing of any financial obligations, <br />hereinbefore enumerated, such financial obligations shall automatically become a lien and charge upon <br />the property and shall be a continuing lien upon the property until paid. Each such charge, together with <br />interest, costs, and a reasonable attorney's fee, shall also be the personal obligation of the person who <br />was the owner in fee or contract purchaser of such property at the time of the imposition of the <br />financial obligation. In the event property be transferred subject to delinquent financial obligations, <br />both the prior owner and the successor in title shall be jointly and severally liable for the payment of any <br />such liens. Upon request at the time of transfer, RIVERTON COTTAGES shall provide notice of any lien <br />63 <br />