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equal to the lesser of the highest rate permitted by law or eight percent (8%) per annum. Any Owner(s) may bring an action at law against an Owner who has not timely paid a Lot Assessment for which such Owner is personally obligated (a"Defaulting Owner"), and/or foreclose, in the name of the Owner(s) who are not a Defaulting Owner, the lien against the Lot owned by the Defaulting Owner, to collect any Lot Assessment owed by the Defaulting Owner. A suit to recover a money judgment for unpaid Lot Assessments and expenses hereunder may be maintained without waiving the lien securing the same. 12. Lien for Assessments. The lien for a Lot Assessment provided for in this Declaration shall be superior to all other liens and encumbrances on a Lot except for the lien of general and special taxes and the lien of any prior mortgage on the Lot. To evidence a lien for a Lot Assessment, any Owner may prepare a written notice of lien, setting forth the amount of the Lot Assessment, the due date thereof, the amount remaining unpaid, the name of the Defaulting Owner and a description of the Lot, and record the same in the appropriate real estate recording office(s) in and for Hennepin County, Minnesota. Such lien may be enforced by judicial foreclosure or foreclosure by advertisement in the same manner in which mortgages on real property may be foreclosed in the State of Minnesota, and each current and future Owner, by becoming an Owner, hereby grants to the other Owners a power of sale, to enable the other Owners to enforce the lien hereby created by non-judicial proceedings. In any such foreclosure, the Defaulting Owner shall be required to pay the costs and expenses of the other Owner(s) in collecting the Lot Assessment and/or enforcing the lien, all of which shall be secured by the lien being foreclosed. In order to cause the non-defaulting Owners to discontinue any foreclosure or other proceedings to collect any Lot Assessment and/or to enforce any lien granted pursuant to this Declaration, the Defaulting Owner shall be obligated to pay all Lot Assessments against such Owner's Lot which shall have become due as of the date of such payment, and all costs and expenses incurred by the other Owners in collecting the Lot Assessment and/or enforcing such lien, incliiding reasonable attorney's fees. A release of notice of lien shall be executed by the non-defaulting Owners in recordable form, and may be recorded at the expense of the Defaulting Owner, upon payment of all sums secured by a lien which has been the subject of the recarded notice of lien. 13. Continuing Liability. The sale or other transfer of a Lot shall not extinguish or otherwise impair the Lot Assessment lien, nor extinguish or impair the personal obligation of the selling Owner for any delinquent Lot Assessment and interest, costs and expenses, until the same shall have been paid in full. Notwithstanding the foregoing, the personal liability of any Owner to pay Lot Assessments and any related interest,costs and expenses shall apply only as to any such Lot Assessments, interest, costs and expenses which were due when the Owner became the Owner of the Lot or which became due thereafter but priar to the date on which the Owner ceased to be the Owner of the Lot. 14. Governmental Assessments. In the event that the Owners fail to perform any of their obligations pursuant to this Declaration and such obligations were imposed by or for the benetit of the City or any other governmental or quasi-governmental entity, such governmental or quasi-governmental entity shall be entitled to pay and perform the obligations of the Owners in connection therewith and to levy, impose, enforce and collect the costs so-paid or incurred by such entity by an equal assessment on each of the Lots, to the fullest extent permitted by law. iooss�3�s 5