Agenda 06-04-2019 6-a - Major Subdivision Preliminary Plat Application

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30 issued by a duly authorized officer of the Association as to the status of all Assessments on a Lot shall be binding upon the Association as of the date of its issuance. Section 8.08 Effect of Nonpayment of Assessments: Remedies of the Association. In the event any Owner shall fail to pay any Assessment within thirty (30) days after the due date, such Assessment shall bear interest from the due date at the rate of eighteen percent(18%) per annum or the maximum legal rate, whichever is less, and shall be subject to a late payment charge, in the discretion of the Board of Directors, not to exceed Twenty-Five Dollars ($25.00) or the maximum legal rate, whichever is less. The Association or its managing agent or other representative may bring an action or proceeding against the Owner personally obligated to pay the same to collect such delinquent Assessment, together with any accrued Charges, or to foreclose the Association's lien against the Lot against which the Assessment was levied. For purposes of this Section, the amount of any delinquent Assessment, plus accrued Charges, shall be considered evidenced by this Section and, therefore, evidence of indebtedness shall hereby exist. No Owner may waive or otherwise escape liability for any Assessment or Charge by non- use of any Common Elements or by non-use,abandonment, sale or transfer of his or her Lot. Section 8.09 Subordination of the Association's Lien to Mortp-ages. The Association's lien for Assessments provided for in this Article shall be subordinate to the lien of any first priority deed of trust or mortgage. The sale or transfer of any Lot shall not affect or impair the Association's lien for any Assessment. However, the sale or transfer of any Lot pursuant to a mortgage foreclosure sale, or transfer of title to the mortgagee in lieu thereof, shall extinguish the Association's lien for any Assessment and Charge which became due and payable prior to the date of such foreclosure sale or transfer to a mortgagee in lieu thereof. -No such sale or transfer shall, however, relieve or release any Lot from liability for any Assessments or Charges thereafter becoming due or from the lien thereof. Section 8.10 Exempt Property. The Common Elements shall be exempt from the lien of any Assessment. Any Lot which Declarant shall hereafter designate for common use as part of the Common Elements, and any part of the Property granted to or used solely by a utility for the purpose of providing utility services to the Property, or any part thereof, shall be exempt from the lien of any Assessment. Section 8.11 Working Capital Contributions and Working Ca vital Fund. At the closing of the initial sale of each Lot and the residential building constructed thereon by a builder to any Person(s) other than such builder or Declarant as provided in Section 8.07, the purchaser of such Lot and the residential building thereon shall pay to the Association, at closin a one- time Working Capital Contribution in the amount o . Each such Working Capital Contribution shall be deposited by the Association into a Working Capital Fund maintained by the Association. The purpose of the Association's Working Capital Fund shall be to ensure that the Association shall have adequate cash available to meet unforeseen expenses and/or acquire additional equipment and/or services as deemed necessary or desirable by the Board of Directors. Working Capital Contributions shall not be considered to be advance payments of any Assessments and shall not be credited in reduction of any Assessments. 20