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Se~tion 8. Effect of Non-Pa ment of Assessment;~ The Lien, ~he
Personal Obli ation, Remedies of Assoc at on:. If any assessment is
not paid on t e cla~e when due, such assessmen~ sl-,all then become
delinqu~nt and shall, together with such interest thereon and the cost
of collection thereof, become a continuing lien on the Lot(s) against
which such assessment is made that shall bind such Got(s) in the hancis
of ~he Owner(s), his heirs, devisees, personal r~presenta~ives and
assign~, and shall also be the continuing personal obligation of the
Owner(s) against whom the assessment is levied.
If the assessment is not paid within thirty (3g) days after ~he
delinquincy date, which shall be set by the Boarc3 of Directors of the
Association, the assessment shall~ bear interest from the date of
delinquency at the rate of twelve (12~) percent per annum, and the
Association may, at any time thereafter, bring an action to foreclose
th~ lien against the Lot(s) in like manner as a foreclosure of a
mortgage on real property, andjor a suit on the personal obligation
' against the Owner{s), and there shall be added to the amount of such
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~ assessment the cost of pr~?paring and filing the complaint in such
~ action (including a reasonable attorney's fee), and in the event a
judgm~nt 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 ~he action.
Section 9. Subordinatfon to Lien of Mort a es: The lien of the
assessments for w ich provision is herein made, as well as in any
other Article of this Declaration, shall be subordinate to the lien of
any first mortgage to a bank, life insurance company, Federal or State
Saving and Loan association, savings bank, financial institution or
real estate investment trust. Such subordination shall apply.only to
the assessments which have become due and payable prior ~o a sale or
transfer of such Lot pursuant to a~decree of foreclosure, and in any
other proceeding in lieu of foreclosure of such mortgage. No sale or
transfer shall relieve any Lot from liability for any assessment. The
written opinion of either the Develop~r or the Association that the
lien is subordinate to a mortgage shall be dis~ositive of any
questions of subordination.
Section lfd. ~xempt Propert : All property within Bay St. Lucie
Subdivision, except that which is l~galZy platted into individual
lots, shall be exempt for assessments.
VI. COVENANTS RELATING TO SAGE OR LEASE
Section 1. Sale or Lease: The Owner of each lot in the
subdivision, on becoming such, covenants and agrees tha~ the
Association or its assignee, shall have the righ~ of first refusal to
repurchase each lot, if, as and when the Owner thereof, or his heirs
or assigns, shall elect to sell said property. The Association shall
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