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HomeMy WebLinkAbout0624 j . s i Assessments that are unpa~id for over fifteen (15) days ~ ~after du~ date, shall bear interest at the rate of ten (108) percent ~ per annum, from due date until paid, and at the sole discretion of the Board of Directors, a late charqe of $10.00 per assessment and installment shall be due and payable thereon. Reqular assess- ments shall be due and payable monthly on the first (lst) of each month. _ _ The Association shall have a lien on each condominium parcel for any unpaid assessments, toqether with interest thereon, . aqainst the unit owner of such condominfum parcel, together with a lien on all tangible personal property located within said unit, except that such lien upon the aforesaid tangible personal property shall be subordinate to prior bona fide liens of record. Reasonable attorney's fees incurred by the Association 3ncident to the coZlection of such aesessment or the enforcement of guch lien, together with sums advanced and paid by the Association in order to preserve and protect its lien, shall be.payable by the unit owner and secured by such lien. The Board of Directors may take such action as they deem necessary to collect assessments by personal action, or by enforcing and foreclosing said lien, and may settle and compromise the same, it in the best interests of the Association. Said lien shall be effec- : tive as and in the manner provided for by the Condominium Act, and ' shall have the priorities establ3shed by said Act. The Association ~ shall be entitled to bid at any sale held pursuant to a suit to fore- ~ close an assessment lien, and to apply as a cash credit against ita . bid, all sums due the Association covered by the lien enforced. In case of such foreclosure, the unit owner shall.be required to pay a reasonable rerttal for the condominium parcel, and the Plaintiff in such foreclosure shall be entitled to the appointment of a Receiver to collect same from the unit owner and/or occupant. Where the mortgagee of an institutional first mortgaqe of record, or other purchaser of a condominium unit obtains title to a condominium parcel as a result of foreclosure of the institutional f irst mortqage, or when an institutional f iret mortgagee of record accepts a deed to said condominium parcel in lieu of foreclosure, such acquirers of title, his successors and a~signs, shall not be liable for the share of common expenses or assessments by the Association pertaining to such condominium parcel, or chargeable to the former unit owner of such parcel, which became due prior~to acauisition of ' title as a result of the foreclosure, or the acceptance of such deed in lieu of foreclosure,~ Such unpaid ahare of common expenses or assessments shall be deemed,to~be common expenses collectible from_ all of the unit owners, including such acquirer, his successors and ~ assigns. Any person who acquires an interest in a unit, except through foreclasure of an institutional first mortgage of record or deed in lieu thereof as specifically provided in the paragraph immediately preceding, including without limitation, persons acquiring title by operation of law, including purchasers at judicial sales, ~ shall not be entitled to occupancy of the unit or enjoyment of the common elements, until such time as all unpaid assessments due and owing by the former unit owner have been paid. The Association, acting through its Board of Directors, shall have the right to assign its claim and lien rights for the recovery of any unpaid assessment, to~the Developer, or to any unit owner or group of unit owners, or to any third party. t-~ The Association may contract with the Property Owners' ~ Association so that said Property Owner's Association will collect the Association's assessments and remit said assessments to the ~ Association. -6- ~ - s~nK~Z t~c~ - .~5 0. u~;. .~F ; _ ;:j~: - Ei `5.`~ .~''s,`~ ~ ' . ~ ~ ~ .-m ~ ~V F _ .~-"Y ~ X 'v's~"~6'~"~ ~ _ . o~.aS .S'.Gm~l.~v~': '.~r~~:-~ ~ _ uv_ ea.