11-28-2016 Council Packet - Laserfiche WebLink

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it is invalid or unenforceable) shall not be affected thereby, and each term, provision or condition of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 19. Authority. The individuals executing this Agreement represent and warrant that they have the legal authority to enter into this Agreement and that no other signature is required to grant the rights contained herein. 20. Default. If any Party, or the Bollis HOA, as applicable, fails to pay any amounts that are due and owing by such Party hereunder, and such failure continues for a period of twenty (20) days after receipt of an invoice from the Kintyre HOA, a five percent (5%) late penalty shall be assessed against all such delinquent amounts. In addition, interest shall accrue on all delinquent amounts owed hereunder, which interest shall be equal to 8% per annum and shall start to accrue as of the date that is twenty (20) days after receipt of an invoice from the Kintyre HOA. Upon the creation of the Bollis HOA and the assignment and assumption of the payment obligations hereunder to the Bollis HOA, all amounts due and owing hereunder shall be included in the annual assessments due and payable by the Owners to the Bollis HOA, and the Bollis HOA will have the right to file a lien against each Lot within the Bollis Parcels if the Owner of such Lot fails to pay the amounts due and payable hereunder. The Bollis HOA must diligently pursue all remedies that it may have against any Owner who fails to pay the amounts due and payable hereunder. Notwithstanding the foregoing, if any Party fails to pay any amounts due and owing by such Party, after the expiration of all applicable notice and cure periods, the Kinytre HOA and the Bollis HOA shall, in addition to its other remedies, have the right to pursue any other remedy at law or in equity against any Party who fails to pay any Assessments or costs allocated to such Party. 21. Estoppel Certificate. Within ten (10) business days after a request from an Owner, the Kintyre HOA agrees to deliver to such Owner an estoppel certificate stating whether such Owner, the Kintyre HOA, or the Bollis HOA is in default under this Agreement. 22. Associations. It is the intent of the Kintyre HOA and the Owners that the Kintyre HOA and the Owners, or the Kintyre HOA and the Bollis HOA after the Bollis HOA has been created, will work together to obtain bids for maintenance and repairs of the Roadway and the Extension. 23. Counterparts. This Agreement may be executed in several counterparts as deemed necessary or convenient, each of which, when so executed, shall be deemed an original, provided that all such counterparts shall be regarded as one and the same document, and either party this Agreement may execute any such agreement by executing a counterpart of such agreement [Remainder of the Page Intentionally Left Blank] 2