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Page 48 of 51 <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 />including reasonable attorney's fees incurred by the Board in any proceeding brought to collect <br />such unpaid Common Expenses. The Board will have the right and duty to attempt to recover <br />such Common Expenses, together with penalties and the interest thereon and the expenses of the <br />97