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54 <br /> No Lot Owner will be liable for the payment of any part of the Common Expenses <br /> assessed against his Lot subsequent to a consummated sale,transfer or other conveyance by him <br /> (made in accordance with the provisions of the Declaration and applicable restrictions of record) <br /> of such Lot. A purchaser of a Lot will be jointly and severally liable with the seller for the <br /> payment of the Common Expenses assessed against such Lot prior to the acquisition by the <br /> purchaser of such Lot, without prejudice to the purchaser's right to recover from the seller the <br /> amounts paid by the purchaser therefore. Provided, that a first-lien mortgagee or other purchaser <br /> of a Lot at a foreclosure sale of such Lot will not be liable for, and such Lot will not be subject <br /> to, a lien for the payment of Common Expenses assessed prior to such foreclosure sale, and such <br /> unpaid Common Expenses will be deemed to be Common Expenses collectible from all of the <br /> Lot Owners, including such purchaser, his successors and assigns. <br /> Section 8.3. Collection of Assessments. The Board of Directors will assess Common <br /> Expenses against the Lot Owners from time to time and at least annually and will take prompt <br /> action to collect any Common Expenses due from any Lot Owner which remains unpaid for <br /> more than thirty (30) days from the due date of the payment thereof. In the event of an increase <br /> in such Common Expenses, the Board of Directors will advise each Lot Owner, in writing, of <br /> such increased assessment at least one month prior to the date of which the first increased <br /> payment is due. <br /> Section 8.4. Default in Payment of Common Expenses. In the event of default by <br /> any Lot Owner in paying the Board of Directors the Common Expenses as determined by the <br /> Board, such Lot Owner will be obligated to pay interest at the highest rate permitted by law but <br /> not to exceed twelve percent (12%) per annum on such Common Expenses from the due date <br /> thereof, together with a penalty established by the Board for nonpayment and with all expenses, <br /> Page 46 of 50 <br />