HomeMy WebLinkAbout1965 - ~ ~ - .
such alteration_s-or additions shall be made without the written -
consent of any mortgagee providing funds 'for the co~~struction of the
project. - - - -
9. ASSE3SMSNTS.
.The making and collection of-assessments against Apartment
Owners for common expenses will be pursuant to the By-Laws of the
Association, subject to the following provisions:
9.1. Share of Common Ex ense. Bach apartment owner will
_ be liable for a proport ovate-s are oi~the common expenses, and
will share in .the common surplus, as provided for in Article 7 of
this Declaration. - - ~ -
- - -9.2 Interest; A lication of Pa ents. -Assessments
and installments on suc assessments, w c are paid on or before
ten (10) days after date. when due, .will not bear interest; but-.all
-.such sums not paid on or before ten (10) days after the date when -
due will bear interest at-the rate of-ten (10$) percent per annum
from the date when dui until paid. Al1-payments-upon account will
- be first applied to interest and then to the assessment payment
= first due.-- - -
9.3. Lien for Assessments. Assessments shall be due and
payable on the-first ay o each ca endar quarter of the year for-
which assessments are made, or thirty (30) days after the mafling~
to the unit owners of a statement for the assessment coming due, -
whichever date shall last occur. The-Association shall record a-
Claim-of-Lien if an assessment shall remain unpaid-for sixty (60)
days after. the same shall become due and payable as set forth
above. No foreclosure judgment shall be entered until at least-
thirty (30) days after the Association gives written notice to the
unit owner of-its intention to. foreclose the lien to collect-the
unpaid assessment. The lien for unpaid assessments shall secure
reasonable attorneys' fees, including but not limited to fees for
appellate court representation, incurred by-the Association
incident to the collection of an assessment or en€orcement of the
lien. -
9.4. Collections and Foreclosure. The Association may
~ _ take such action as t deems necessary to collect assessments by
personal action,-or by enforcing and foreclosing said liens,-and it
may settle and co~romise the same, if in the best interests of the
Association. The Association will be entitled to bid at any sale
held pursuant to a suit to foreclose any lien; and at any sale held. -
pursuant to a suit to foreclose an assessment lien it may apply as
a cash credit against its bid all sums due the-Association covered
by the lien, enforced. In case of the foreclosure of an assessment
lien, the apartment owner will be required to pay a reasonable _ .
rental for the apartment and the plaintiff in such foreclosure will
be entitled to the appointment of a receiver to collect same from
the apartment owner and/or occupant. -
9.5. Liability of Mortgagee, Lienor or Judicial Sale
Purchaser for Assessments.--Where a mortgagee or a thir party
~ acqu~d ate to an apartment as a result of the foreclosure of an
institutional first mortgage of record, or where such a mortgagee -
accepts a deed to an apartment in lieu of forecli~suce, such acquir-
er of title, his heirs, or executors, legal representative, succes-
- sore and assigns will not be liable for the share of common expens-
es or assessments by the Association pertaining to such apart~aent -
or chargeable to the former owner-of such apartment which became
due prior to such acquisition of title. Such unpaid share of
-common expenses or assessments will be deemed t~ be common expens-
ss,-collectable from all of the apartment owners, includinn such
acquirer of title, his heirs, executors, legal representatives,
successors and assigns.- ~ -
- - - -8= ~~24 P~1~~2