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HomeMy WebLinkAbout1596., such alterations or additions shall be made without the written consent of any inortgagee providing fu~ds for the construction of the project. 9. ASSESSMENTS. The mak.ing and collection of assessments against Apartment Owners for commori expenses will be pursuant to the By-Laws of the Association, subject to the following provisions: 9.1. Share of Common Ex~ense. Each apartment owner will be liable for a proportionate share of the common expenses, and will share in the common surplus, as provided for in Article 7 of this Declaration. 9.2. Interest; Application of Payments. Assessments and installments on such assessments, which 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 aft~r the date when due will bear interest at the rate of ten (10$) 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 first day of each calendar 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 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 lien. 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 compronise the same, if in the best interests of the Association. The-A~ssociation will be entitled to bid at any sale held pursuant to.a suit to foreclose any li~n; 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 apartinent owner and/or occupant. . 9.5. Liability of Mortgagee, Lienor or Judicial Sale Purchaser for Assessments. Where a mortgagee or a third party acquired title to an apartment as a result of the foreclosure of an institytional first mortgage of record, or where such a mortgagee accepts a deed to an apartment in lieu of foreclosure, such acquir- 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 acyuisition 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 acquirer of title, his heirs, executors, legal representatives, successors and assigns. ' i _ ~ ~ ~ . '~^, ~r.~s,~.+-,+4..~.~_a'3._« _. .. ._. : -8- B~OK 34$ PncE 1595 . ~ ~~ - ~:~ _ ~~