HomeMy WebLinkAbout0086 days in advance of such date or period and shall, at that time, prepare a roster
of the properties and assessments applicable thereto which shall be kept in the
office of the Association and shall be open to inapection by any Owner. Written
notice of the assessment shall thereupon be sent to every Owner eub~ect thereto.
The Associatioa shall upon demand at any time furnish to any Owner liable
for said assessment a certificate in vriting signed by an officer of the Association,
setting forth whether said assessment has been paid. Such certificate shall be
conclusive evidence of payment of any assessment therein.stated to have been paid.
Section 9. Effect of Non-Payment of Assessment; The Persoaal Obligation
of the Owner; The Lien; Remedies of Association. If the assessments are not paid ~
on the date when due (being the dates specified in Section 3 hereof), then such
assessment shall become delinquent and shall, together With such intereet thereon
and cost of collection thereof as hereinafter provided, thereupon become a continuing
lien on the property which shall bind such property in the hands of the then Owner,
his heirs, devisees, personal representatives and assigns. The personal
obligation of the then O~mer to pay such assessment, however, shall remain his
personal obligation for the statutory period and shall not pass to his successors
in title unless expressly assumed by them.
If the assessment is not paiii within thirty (30) days after the delinquency
~ date, the assessment shall bear interest from the date of delinquency at the rate
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of Seven and one-half percent (7'~'X) per annum, and the Association may bring an i
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action at law against the Owner personally obligated to pay the same or to
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F foreclose the lien against the property, and there shall be added to the amount
of such assessment the costs of preparing and filing the complaint in such action,
and in the event a judgment is obtained, such judgment shall include interest on
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` the assessment as above provided and a reasonable attorney's fee to be fixed by
the Court together With the costs of the action.
Section 10. Subordination of the Lien to Mortgages. The lien of the
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assessments provided for herein shall be subordinate to the lien of any mortgage ;
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~ or mortgages now or hereafter placed upon the properties sub~ect to assessment; f
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` provided, however, that such subordination sha11 apply only to the assessments which ~
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~ have become due and paqable prior to a sale or transfer of such property pursuant ~
~ to a decree of foreclosure. Such sale or transfer shall not relieve such property ~
~ from liability for any assessments thereafter becoming due, nor from the lien of
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~ any such subsequent assessment. ;
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