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Home My WebLink About0078 ~i . . ~ ~ i ~ , y; , i ~ ~ , I i ~ ' ~ ; ;iactinq on behalf of the corporation, may foreclose the lien encwa- '!berinq the condominiiun parcel created by non-payment of the requir ;;m~niea in the same fashion as mortqaqe liens are foreclosed. The ;jcorporation shr~ll be entitled to the appointment of a Receiver if i~ i;it is so requested. The corporation shall have the riqht to bid n the condominium parcel at a foreclosure sale and to acquire, - , _ _ ?~hold, mortgaqe and convey the $ame. In lieu of foreclosinq its illien, the corporation may, through its board of directora, or „ ~!manager acting in behalf of the corporation, or in its awn behalf, ;i ;'bring suit to recover a money judgement brought by or on beha~f of ';~the corporation against a condominiu~a parcel awner, the loaing + i; t ''defendant shall pay the costs thereof, together with a reasonable ~jattorney's fee. - If an action of foreclosure is brought aqainst the owner of a~ ; !icondo~ainiiun parcel for the non-payment of monies due the corpora- i~tion and, as a result thereof, the interest of the said awner in ~ ! f ~ ~~and to the condominium parcel is sold, then, at the time of such ! ~ ` i ;lsale, the owner's membership shall be cancelled and membership ~ ;shall be iasued to the purchaser at the foreclosure sale. ~ • € ~i f If the corporation becomes the owner of a condaninium parcel ~ ~ ~i ~;by reason of foreclosure, it ahall offer said unit for sale and at) ~ ~ ~ ;±such time as a sale iB conswnated, it shall deduct from such proce ds ii i;~ll swns of money due it for monthly asaessments and charqes, all i; ; ~ ;;cost incurred in the brinqing of the foreclosure suit, including ~ " ! ~ ~~reasonable attorney's fees, and any and all expenaea incurred in ~ ~ ~ i;the re-sale of the condominium parcel, which shall include, but no1~ ~ ~ v '`be limited to, advertising expenses, real estate brokerage fees an - i~;expenses necessary for the repairing the refurniahing of the condo ~ :;minium parcel in question. All monies remaining after deducting ~ ~ +~the foregoing items of expense 8ha11 be returned to the former own r ~ ~ of the condosainiwn parcel in question. ~ j~ ! ~ ~ I~ ~ ~ SYDN[Y ADL~R iI , i ~ ~rORNir AT LAw j i e~is-c ~sn~messrw. ~i -lg- I ~t eoAp[NTON, ~LOMDA { ~ sa'°' i' Q i ~s.rfa~ ~ ~ ~ ~ z` . • ~ . _ . ~.~.,s ~ . ' _ . . ' . ~ , ~ y- _ , . . _ _ _ , . . . 7' _ . ~