11-28-1988 Council Packet - Laserfiche WebLink

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way leading from the private road to the garage, provided that the cleared right-of-way of the driveway shall not exceed 20 feet v.__... Section 10. Effect of Nonoavment of Assessments: Remedies within thirty ( -)days after the due date shall bear interest !:gym ::-,a da:e a: _:a :a --a aig.' -2:_en: (31, -: '-•- --''-- legal rate set by the Board of Directors. The Association may bring an action at law against the Owner personally obligated to pay Ine e.^.t:re unpaid po:.:on including costs o: at_o:aa;�s' less and interest, or foreclose :Ile !:an against the ;:;::e: ty, O: both, and the costs and reasonable attorneys' fees or 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 11. Late Pa ment. If an Assessment is not paid on or before ten (10) days a ter the date when due, the Lot Owner shall be obligated to pay, in addition to the interest required under Section 9 of this Article, a late Assessment service charge under the following schedule: llth to 30th day $25.00 after 30th day $50.00 The purpose of this fee is to compensate the Association for the expense and inconvenience of collecting 1: gsessments, bor- rowing to cover Association expenses and : _aer costs attri- butable to late payment. The Board shall act these fees on all late payments. The Board may increase, out may not decrease or eliminate, the service charges set forth in th:s section in the same fashion as is established for the adcpt:on of other rules and regulations. This penalty shall be added to the amount of such Assessments and be secured by the lien of '6::e Assessment. Section 12. Subordination of the Lien to Mortgages. The lien of the A- ssments provided or herein shall be subordinate to the lien of any first mortgage, provided the mortgage was recorded before the delinquent assessment was due. Sale or transfer of any Lot shall not affect the assessment lien. How- ever, the sale transfer of any Lot pursuant to mortgage fore- closure or any _ iceeding or deed in lieu thereof, shall extin- guish the lien of such assessments as to payments which became due prior to such sale or transfer. No sale or transfer shall relieve such Lot from liability for any assessments thereafter becoming due or from the lien thereof.