11-28-2016 Council Packet - Laserfiche WebLink

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abandonment of a Lot. A suit to recover a money judgment for unpaid assessments and expenses hereunder may be maintained without foreclosing or waiving the lien securing the same. 10.7 Lien for Assessments. All sums assessed to any Lot pursuant to this Article, together with interest thereon and other costs as provided herein, shall be secured by a lien thereon in favor of the Association. Such lien shall be superior to all other liens and encumbrances on such Lot except only for liens for general and special taxes, and the lien of any first mortgage on a Lot. All other Persons acquiring a lien on any Lot shall be deemed to have consented that such Person's lien shall be inferior to future liens for assessments as provided herein, whether or not such consent be specifically set forth in the instrument creating such lien. To evidence a lien for sums assessed pursuant to this article, the Association may prepare a written notice of lien, setting forth the amount of the assessment, the due date, the amount remaining unpaid, the name of the Defaulting Owner and a description of the Lot, and record the same in the office of the County Recorder in and for Hennepin County, Minnesota. Such lien may be enforced by judicial foreclosure or by foreclosure by advertisement, in the same manner in which mortgages on real property may be foreclosed in Minnesota, and each current and future Owner, by becoming an Owner, hereby grants to the Association a power of sale, to enable the Association 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 Association in collecting the assessments and/or enforcing the lien, all of which shall be secured by the lien being foreclosed. In order to cause the Association to discontinue any foreclosure or any other proceedings to collect any assessment and/or to enforce any lien granted pursuant to this Declaration, the Defaulting Owner shall be obligated to pay all assessments against such Owner's Lot which shall become due as of the date of such payment, and all costs and expenses incurred by the Association in collecting the assessments and/or enforcing such lien, including reasonable attorney's fees. A release of notice of lien shall be executed by the Association in recordable form, and may be recorded at the Defaulting Owner's expense, upon payment of all sums secured by a lien which has been the subject of a recorded notice of lien. The Association, upon written request, shall report to any Person with a valid lien on or interest in a Lot, any assessments remaining unpaid for longer than ninety (90) days after the same shall have become due. 10.8 Continued Liability. The sale or other transfer of a Lot shall not extinguish or otherwise impair the assessment lien, nor extinguish or impair the personal obligation of the selling Owner for any delinquent 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 assessments and any related interest, costs and expenses shall apply only as to any such assessments, interest, costs and expenses which were due when the Owner became the Owner of the Lot or which become due thereafter, but prior to the date on which the Owner ceased to be the Owner of the Lot. 14 188927v1