02-14-2005 Council Packet - Laserfiche WebLink

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Sections 13.01 and 22.07 below. The assessment shall be a personal obligation of the owner and a lien against the Unit with the same priority and enforceability as any lien for annual or special assessments. 10.05 Commencement of Initial Ann«p»l AMfissmanig ilic annual assessments provided for heiein shall commence as to all Units not later than one month after the first conveyance of a Unit to an owner other than Declanuit. The first annual assessment shall be adjusted according to the munber of months remaining in the calendar year. 10.06 Commencement of Annual Assessments. By November 30 ofeach year the Board shall fix the amount of annual assessments against each Unit for the following fiscal year and .shall send written notice thereof to each owner. The due date for payment of annual assessments shall be as set by the Board. At the time the Board fixes the amount of annual assessments it shall adopt a budget for the following fiscal year and cause a copy of such budget in reasonable detail to be furnished to each owner. 10.07 Lien Priority: Foreclosure . A lien under this Section is prior to all other liens end encumbrances on a Unit except (i) liens and encumbrances recorded before the Declaration, (ii) any first mortgage on the Unit, and (iii) liens for real estate taxes and other governmental assessments or charges against the Unit. Notwithstanding the foregoing, if a first mortgage on a Unit is foreclosed, the first mortgage was recorded on or after June 1,1994, and no owner redeems during the owner's period of redemption provided by Chapters 580, 581, and 582, then the holder of the shciifTs certificate of sale fiom the foreclosure of the first mortgage shall take title to the Unit subject to unpaid assessments for Common Expenses levied pursuant to Section 515B.3-115(a), (eX 1) to (3), (f), and (i) of the Act which became due, without acceleration, during the six months immediately preceding the first day following the end of the owner's period of redemption. 10.08 Voluntary Conveyances: Statement of Assessments. In a voluntary conveyance of a Unit the buyer shall not be personally liable for any unpaid assessments and o ther charges made by the Association against the seller or the seller's Unit prior to the time of conveyance to the buyer, unless expressly assumed by the buyer. However, the lien of such assc.ssments shall remain against the Unit until satisfied. Any seller or buyer .shall be entitled to a statement, in recordable form, fittm the Association setting forth the amount of the unpaid assessments against the Unit, including all asses.sments payable in the Association's current fiscal year, which statement shall be binding on the Association, seller and buyer. 10.09 Alternative Assessment Program. The Declarant hereby establishes an alternative assessment program ofthe type described in Section 515B.3-115(aXl)oftheAcL Specifically, ifa common expense assessment has been levied, any Unit owned by Dwlarant for initial sale shall be assessed at the rate of 25% of the assessment levied on other Units of the same type until a certificate of occupancy has been issued with respect to such Unit by the municipality in which the Unit is located. Ihereafter, such Unit will be assessed at the full rate. Tliis reduced assessment shall apply to each Unit owned by Declarant at the time that the Unit is created, and shall continue as to each such Unit until the issuance of the certificate of occupancy as previously described. In any event,