07-10-1989 Council Packet - Laserfiche WebLink

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(b) Each Separate Assessment shall be due and payable in such installments as the Board shall determine, but no more frequently than monthly and no less frequently than semi-annually and in any •vent shall be fully paid within twelve months. Section 8. Uniform Rate of Assessment. All Assessments shall be fixed at an equal rate for all Lots, except that Separate Assessments shall be levied against only those Lots and Owners whom the Board -ermines (after notice and a reasonable opportunity to be heard) . oe responsible. Section 9. Effect of Nonpayment of Assessments: Remedies of the Association. Any Assessment or portion thereof not paid within thirty (30) days after the due date shall bear interest from the due date at the rate of eight percent (8%) or such other legal rate set by the Board of Directors. The Association may bring an action at law against the Owner personally obligated to pay the entire unpaid portion including costs of attorneys* fees and interest, or foreclose the lien against the property, or both, and the costs and reasonable attorneys' fees of any such action shall be added to the amount of such Assessments and shall also be secured by the lien of the Assessment. No Owner may waive or otherwise escape liability for the Assessments provided for herein by the sale or abandonment of his Lot. Section 10. Late Payment. If an Assessment is not paid .within ten (10) days after^its due date, then the Lot Owner shall oe ooiigated to pay, in addition to fhe ^interest required under Section 9 of this Article, a late Assessment service charge under the following schedule: 11th to 30th day after 30th day $25.00 $50.00 The purpose of this fee is to compensate the Association for the expense and inconvenience of collecting late Assessments, borrowing to cover Association expenses and any other costs attributable to late payment. The Board shall collect these fees on all late payments. The Board may increase, but may not decrease or eliminate, the service charges set forth in thxs section in the same fashion as is established for the adoption of other rules and regulations. This penalty shall be added to the amount of such Assessments and be secured by the lien of the Assessment. Section 11. Subordination of the Lien to Mortgages. The lien of the Assessments provided for herein shall be subordinate to the lien of any first mortgage, provided that the mortgage was recorded before the delincjuent Assessment was due. Sale or transfer of any Lot shall not affect the Assessment lien. However, the sale or transfer of any Lot pursuant to mortgage foreclosure or any proceeding or deed in lieu thereof, shall extinguish the lien of such Assessments as to payments which became due prior to such sale - 12 -