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Page 12 of 51 <br />In addition to the regular assessments to be charged and paid hereunder, each Lot Owner <br />will, at the time of the initial sale of each Lot by Declarant to that Lot Owner, pay to the <br />Association a sum equal to one (1) months assessment on that Lot as additional working capital <br />of the Association. These amounts need not be segregated but may be commingled with regular <br />assessment funds. This working capital amount will be paid by the Lot Owner notwithstanding <br />the fact that Declarant may have made prior regular assessment payments to the Association on <br />the Lot being sold pursuant to the provisions of the first sentence hereunder. <br /> Section 4.9.Effect of Nonpayment of Assessments: Remedies of the Association. <br />Any assessment not paid within thirty (30) days after the due date will be delinquent, in default, <br />and will bear interest from the due date at the highest rate then permitted by North Carolina law <br />not to exceed ten (10%) percent. The Association may bring an action at law against the Owner <br />personally obligated to pay the same plus interest, costs, late payment charges, and reasonable <br />attorney’s fees, or foreclose the lien against the Lot. No owner may waive or otherwise escape <br />liability for the assessments provided for herein by non-use of the Common Area or <br />abandonment of his Lot. <br />The lien herein granted unto the Association will be enforceable pursuant to Article 2A of <br />Chapter 45 of the General Statutes from and after the time of recording a Claim of Lien in the <br />Offices of the Clerk of Superior Court in Orange County in the manner provided therefore by <br />Article 8 of Chapter 44 of the North Carolina General Statutes, which claim will state the <br />description of the Lot encumbered thereby, the name of record owner, the amount due, and date <br />when due. The claim of lien will be recordable any time after thirty (30) days after the due date <br />of the assessment or any, installment thereof and the lien will continue in effect until all sums <br />secured by said lien as herein provided will have been fully paid. Such claims of lien will include <br />61