Agenda - 08-27-2012 - C1 - Laserfiche WebLink

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enforce each such assessment obligation. Any judgment rendered in any such action shall include the amount of the delinquency, together with interest thereon at the highest rate by law permitted from the date of delinquency,administrative fees,court costs and reasonable attorney's fees. • 2. Enforcement by Lien. To the full extent permitted by law,there is hereby created a lien,with power of sale, on each Lot within the Properties to secure payment to the Association of any and all assessments levied against all Owners of such Lots under the Declaration, together with interest thereon at the highest rate by law provided from the date of delinquency and all costs of collection which may be paid or incurred by the Association in connection therewith, including administrative fees and reasonable attorney's fees. At any time after the occurrence of any default in the payment of any assessment the Association, or any authorized representative of the Association,may,but shall not be required to,make a written demand for payment to the defaulting Owner on behalf of the Association. Said demand shall state the date of the assessment was due and the amount of delinquency. Each default shall constitute a separate basis for a demand or claim of lien, but any number of defaults may be included within a single demand or claim of lien. If such delinquency is not paid within ten(10)days after delivery of such demand, the Board of Directors may elect to file such a claim of lien in the appropriate State and/or Durham County offices (i.e., Office of the Clerk of Superior Court and/or Office of the Register of Deeds of Durham County, North Carolina) on behalf of the Association against the Lot of the defaulting Owner. Such a claim of lien shall be executed and acknowledged by any officer of the Association, or an agent or attorney designated by the Board,and shall contain the following information: a. The name of the-delinquent Owner; b. The legal description and street address of the Lot against which claim of lien is made; c. The total amount claimed to be due and owing for the amount of the delinquency, interest thereon, administrative fees, collection costs and reasonable attorney's fees; d. That the claim of lien is made by the Association pursuant to the Declaration for non-payment of annual and/or special assessment(s);and e. That a lien is claimed against said Lot in an amount equal to the amount stated, plus accruing interest and costs, including reasonable attorney's fees. Upon the recordation of a duly executed original or copy of such a claim of lien and the mailing a copy thereof by certified mail,postage prepaid,to said defaulting Owner at the last know address of said Owner on the books of the Association,the lien claimed therein shall immediately attach and become effective in favor of the Association as a lien upon the Lot against which such assessment was levied and such Iien shall have priority over all liens or claims created subsequent to recordation of the claim of lien thereof, except only tax liens for real property taxes on any Lot, assessments on any Lot in favor of any municipal, county or other governmental assessment unit, and the liens which are hereinafter specifically described in Paragraph J hereinbelow. Any such lien may be foreclosed by appropriate action in court or in the manner provided by law for the foreclosure of a deed of trust as set forth by the laws of the State of North Carolina,as the same may be changed or amended. The lien provided for herein shall be in favor of the Association and shall be for the benefit of all other Owners. The Association shall have the power, but not the obligation, to bid in at any foreclosure sale and to purchase any such Lot and to hold, lease, mortgage and convey any such Lot purchased. In the event such foreclosure is by action in court, reasonable attorney's fees, court costs, title examination fees,interest and all other costs and expenses incurred in such foreclosure by the Association, shall be allowed to extent permitted by law. EACH OWNER, BY 13