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the unit owner or occupant against whose unit the same have been imposed. . <br /> The Board of Directors shall from time to time establish for the Association an interest <br /> rate to accrue on the amount of past due installments of assessments or assessment which ' <br /> shall commence to accrue 14 days after the particular assessment or installment of <br /> assessment was due until paid in full. If the Association has failed to establish such <br /> interest rate at the time any unit owner fails to pay an assessment or installment of <br /> assessment by the date it is due, the rate of interest shall be deemed to be the rnaximum <br /> amount allowable under Section 549.09 of Minnesota Statutes, as amended. In no event <br /> shall any interest rate established by the Board of Directors exceed the interest rate <br /> provided for in said Section 549.09. <br /> 8. Lien for Assessments.The Association has a lien on a unit for any assessment levied <br /> against that unit from the time the assessment becomes payable as is more specifically <br /> described and provided for in Section S 15B.3-116 of the Act. The Association lien may <br /> be foreclosed as provided by the laws of the State of Minnesota as if it were a lien under <br /> a mortgage containing a power of sale. The rights of the parties shall be the same as those <br /> provided by law except that the period of redemption for unit owners shall be 6 months <br /> from the date of sale. <br /> The lien is prior to all other liens and encumbrances on a unit except the following: <br /> a. Liens and encumbrances recorded before the recordation of this Declazation. <br /> b. Any recorded mortgage on the unit securing a first mortgagee, and <br /> c. Liens for real estate taxes and other governmental assessments or charges against <br /> the unit. <br /> The recordation of this Declazation constitutes record notice and perfection of the lien. <br /> No further recordation of any claim of lien for assessment is required under Section <br /> S 15B.3-116 of the Act or hereunder. <br /> 9. Liability in a Voluntary or Involuntary Conveyance of a Unit; Statements; Binding <br /> Effect of Statement. Except as provided in Section 21 of Article XI hereof, in a <br /> voluntary or involuntary conveyance of a unit, the grantee of the unit shall be jointly and <br /> severally liable with the grantor for all unpaid assessments against the unit which the <br /> Board levied prior to the time of conveyance,without prejudice to the grantee's right to <br /> recover from grantor the amounts paid by the grantee therefore. However, the <br /> Association must furnish to the grantee, or his authorized agent,upon written request of <br /> the grantee or his authorized agent, a recordable statement setting forth the amount of <br /> unpaid assessments currently levied against his unit. The statement shall be furnished <br /> within ten(10)business days after receipt of the request and shall be binding on the <br /> Association, that is, grantee shall not be liable for, nor shall the unit conveyed be subject <br /> to, a lien for any unpaid assessments made by the Association against the grantor in <br /> excess of the amount therein set forth. In addition, grantor and the Association shall <br /> comply in all respects with the requirements of Section S15B.4-107 of the Act. <br /> 10. Real Estate Taxes and Assessments.Real estate taxes and governmental special and <br /> annual assessments (the "Real Estate Taxes") shall be separately levied against the <br />