Agenda - 04-20-2018 6-a - Major Subdivision Preliminary Plat Application

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Page 48 of 51 of such Lot. A purchaser of a Lot will be jointly and severally liable with the seller for the payment of the Common Expenses assessed against such Lot prior to the acquisition by the purchaser of such Lot, without prejudice to the purchaser's right to recover from the seller the amounts paid by the purchaser therefore. Provided, that a first-lien mortgagee or other purchaser of a Lot at a foreclosure sale of such Lot will not be liable for, and such Lot will not be subject to, a lien for the payment of Common Expenses assessed prior to such foreclosure sale, and such unpaid Common Expenses will be deemed to be Common Expenses collectible from all of the Lot Owners, including such purchaser, his successors and assigns. Section 8.3.Collection of Assessments. The Board of Directors will assess Common Expenses against the Lot Owners from time to time and at least annually and will take prompt action to collect any Common Expenses due from any Lot Owner which remains unpaid for more than thirty (30) days from the due date of the payment thereof. In the event of an increase in such Common Expenses, the Board of Directors will advise each Lot Owner, in writing, of such increased assessment at least one month prior to the date of which the first increased payment is due. Section 8.4.Default in Payment of Common Expenses. In the event of default by any Lot Owner in paying the Board of Directors the Common Expenses as determined by the Board, such Lot Owner will be obligated to pay interest at the highest rate permitted by law but not to exceed twelve percent (12%) per annum on such Common Expenses from the due date thereof, together with a penalty established by the Board for nonpayment and with all expenses, including reasonable attorney's fees incurred by the Board in any proceeding brought to collect such unpaid Common Expenses. The Board will have the right and duty to attempt to recover such Common Expenses, together with penalties and the interest thereon and the expenses of the 97