Section One: Lien - Personal Obligation All assessments, together with interest and the cost of collection shall be a continuing lien upon the Lot against which each such assessment is made The lien shall have all the incidents of a mortgage on real property Each such assessment, together with interest, costs and reasonable attorney's fees, shall also be the personal obligation of the person who was the Owner of the Lot at the time the assessment was due No Owner may waive or otherwise avoid liability for assessments by non-use of the Common Areas or abandonment of the Lot

Section Two: Delinquency If any assessment is not paid within thirty (30) days after its due date, the assessment shall bear interest from said date at twelve percent (12%), or, in the event that twelve percent (12%) exceeds the maximum amount of interest that can be charged by law, then the highest permissible rate as provided for the law A late charge of five percent (5%) of the amount overdue shall be charged for any payment more than ten (10) days past due Each Member hereby expressly grants to the Association, or its agents, the authority to bring all actions against each Member personally for the collection of such assessments as a debt and to enforce lien rights of the Association by all methods for the enforcement of such liens, including foreclosure by an action brought in the name of the Association in a like manner as a mortgage of real property, and such Member hereby expressly grants to the Association the power of sale in connection with such liens The liens provided for in this section shall be in favor of the Association, and shall be for the benefit of the Association The Association shall have the power to bid at a foreclosure sale and to acquire, hold, lease, mortgage and convey any Lot obtained by the Association.

 

Section Three: Suspension of Voting Rights In the event any Member shall be in arrears in the payment of the assessments due or shall be in default of the performance of any of the terms of the Articles and Bylaws of the Association, the rules or regulations adopted by the Association, or the Declaration for a period of thirty (30) days, the Member's right to vote shall be suspended and shall remain suspended until all payments are brought current and all defaults remedied In addition, the Association shall have such other remedies against such delinquent Members as may be provided in the Articles, Bylaws or Declaration

Section Four: Commencement of Assessments The assessments may commence as to each Lot (except Lots owned by the Developer) upon the initial conveyance of the Lot The first assessment on any Lot shall be adjusted according to the number of days remaining in the month At the time of each initial sale, the Developer may collect from each Purchaser an amount equal to one year's assessment for the Association, to be placed in the Association's account Any interest earned by the Association on assessments held by it shall be to the benefit of the Association.

Section Five: Enforcement of Assessments The Board may take such action as is necessary, including the institution of legal proceedings, to enforce the provisions of this Article In the event the Board begins an action to enforce any such rights, the prevailing party shall be entitled to its attorney's fees, costs and expenses incurred in the course of such enforcement action as provided in Article Seventeen, Section Five.