HomeMy WebLinkAbout1367 9.1. Share of Common Bx enae. Each apartment owner will
be liable for a propor ona e s are o 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 ch 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 (108) percent per annum
from the date when due until paid. All 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 f rst day of eac ca endar quarter of the year for
which assessments are made, or thirty (30) days after the mailing
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 I
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 enforcement of the
1 ien . ~ f
9.4. Collections and Foreclosure. The Association may `
take such action as it deems necessary to collect assessments by
personal action, or by enforcing and foreclosing said liens, and it ~
may settle 'and compromise 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
i be entitled to the appointment of a receiver to collect same from f
~ the apartment owner and/or occupant.
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9.5. Liabilit of Mort a ee, Lienor or Judicial Sale
I Purchaser for Assessments. ere a mortgagee or a third party
acquired tit a 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 foreclosure, such acquir- t
er of title, his heirs, or executors, legal representative, succes-
sors and assigns will not be liable for the share of common expens-
es or assessments by the Association pertaining to such apartment
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 to be common expens-
es, collectable from all of the apartment owners, including such i
acquirer of title, his heirs, executors, legal representatives,
successors and assigns.
However, any person who acquires an interest in an
apartment (except through foreclosure on 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, will not be entitled to occupancy of ~
the apartment or enjoyment of the common elements, until such time ;
as all unpaid assessments due and owing by the former owner have
been paid.
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