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delinquent and shall, tog®ther with interest thereon at the rate
of ten percent (10~) per annum and the costs of collection thereof
(including reasonable attorneys fees), become a continuing lien on
the lot(s) against which Such assessment is made that shall bind
such lot(s) in the hands of the owner(s), his heirs, devisees,
personal representatives and~assigns, and shall also be the con-
tinuing personal obligation of the owner(s) against whoJn the assess- .
went is levied.
If the assessment is not paid within 30 days after the due
date the Association may, at any time thereafter, bring an action
to foreclose the lien against the lot(s) in like manner as a fore-
closure of a mortgage on real property, and/or a suit on the.
personal obligation against the owner(s) and there shall be added to
the amount of such assessment the cost of preparing and filing the
complaint in such action (including a reasonable attorney fee), and
in the event of a judgment is obtained, such judgment shall include
interest on 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 9. Subordination to Lien of Mortgages. The lien of the
assessments for which provision is herein made as well as in any
other Article of this Declaration, shall be subordinate to the lien
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of any first mortgage to a bank, life insurance company, Federal or
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State savings & loan association, or real estate investment trust.
Such subordination shall apply only to the assessments which have
~ become due and payable subsequent to the date of recording such first
mortgage and prior to a sale or transfer of such lot pursuant to a
decree of foreclosure, and in any other proceeding .in lieu of fore-
closure of such mortgage. No sale or transfer shall relieve any lot
from liability for any assessment thereafter becoming due, nor from
the lien of any such subsequent assessment. The written opinion of
the Association that the lien is subordinate to a mortgage shall be
diapositive of any questions of subordination.
Section 10. Exempt Property. The common areas shall be exempt
from assessments.
s o 488 P~1392
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