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Section Eight. Date of Commencement of Annual Assess- <br /> . <br /> ments: Due Dates. The annual assessments provided for herein <br /> shall commence as to all Lots within a phase on the first day of <br /> the month following the conveyance of the Common Area Such <br /> annual assessments shall be paid ratably on a monthly basis. <br /> The Board of Directors shall fix the amount of the annual assess- <br /> ment against each Lot at least thirty (30) days in advance of <br /> each annual assessment period. Written notice of the annual <br /> assessment shall be sent to every Owner subject thereto. The <br /> due dates shall be established by the Board of Directors. The <br /> Association shall, upon demand, and for a reasonable charge, <br /> furnish' a certificate signed by an officer of the Association <br /> setting forth whether the assessments on a specified. Lot have <br /> been paid. <br /> Section Nine. Effect of Nonpayment of Assessments: Reme- <br /> dies of the Association. Any assessment not paid thirty (30) <br /> days after the due date shall bear interest from the due date at <br /> the highest rate permitted by law on the date the assessment <br /> became due. The Association may bring an action at law against <br /> the Owner personally obligated to pay the same or foreclose the <br /> lien against the property and in either event interest, costs <br /> and reasonable attorney's fees of any such action shall be added <br /> to the assessment. No Owner may waive or otherwise escape <br /> liability for the assessments provided for herein by non-use of <br /> the Common Area or abandonment of his Lot. <br /> Section Ten. Subordination of the Lien to Mortgages <br /> and Ad Valorem Taxes. The lien of the assessments provided for <br /> herein shall be subordinate to the lien of any first mortgage <br /> and ad valorem taxes. Sale or transfer of any Lot shall not <br /> affect the assessment lien. However, the sale or transfer of <br /> any Lot pursuant to mortgage or tax foreclosure or any proceed- <br /> ing in lieu thereof, shall extinguish the lien of such assess- <br /> ments as to payments which became due prior to such sale or <br /> transfer. No sale or transfer shall relieve such Lot from <br /> liability for any assessments thereafter becoming due or from <br /> the lien thereof. <br /> -a- <br />