AgdaPkt 2015-06-22 Interview and Joint SA PFA

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30 6557.03/12309 Section 4.11 Annual otice of Assessments and Foreclosure Rights . The Association shall distribute a copy of the pro forma operating budget (or a summary, as provided for in Civil Code Section 5320(a)(2)) within (30) days to ninety (90) days before the end of the Association’s fiscal year, as required by Civil Code Section 5300, and as further set forth in the Bylaws. The pro forma operating budget (or summary thereof) shall at a minimum include: (i) all of the information and statements required by Civil Code Section 5300(b) (including, without limitation, all of the information concerning the Association’s reserves), and (ii) the disclosures required by Civil Code Sections 5570 and 5300(e) (Assessment and Reserve Funding Disclosure Summary Form). In addition, the written notice described in Sections 5730 and 5310(a)(6) of the Civil Code (notice regarding foreclosure rights of the Association) shall be provided to each member of the Association within (30) days to ninety (90) days before the end of the Association’s fiscal year. This notice shall be printed in at least 12-point type. Section 4.12 Certificate as to Payment. The Association shall, upon written demand and for a reasonable charge, furnish a certificate signed by an officer of the Association setting forth whether the Assessments on a specified Condominium have been paid. Such certificate shall be deemed to be conclusive evidence of the payment of such Assessments to the extent stated therein to have been previously paid. Section 4.13 Delinquency of Assessment; Right to Lien. All Annual and Special Assessments, or monthly installments thereof, levied pursuant to this Declaration are delinquent fifteen (15) days after they become due. For each delinquent Assessment, or monthly installment thereof, the Association may recover: (i) reasonable costs incurred in collecting the delinquent Assessment, or part thereof, including reasonable attorney’s fees, (ii) a late charge not to exceed ten percent (10%) of the delinquent Assessment or ten dollars ($10.00), whichever is greater, and (iii) interest on all sums imposed herein, including the delinquent Assessment, reasonable costs of collection and late charges at ten percent (10%) per annum commencing thirty (30) days after the Assessment becomes due. The Association shall have the right to record a lien against the delinquent Owner and enforce such lien and foreclose upon Owner’s interest in the Unit in accordance with the procedures described in Civil Code Sections 5650- 5740 and 4040, as further described in Sections 4.15 and 4.16 of this Declaration. The Association’s right shall be subject to the limitations imposed by Civil Code Sections 5705-5720 with respect to delinquent assessments that are less than One Thousand Eight Hundred Dollars ($1,800). Section 4.14 Transfer of Condominium by Sale or Foreclosure; Rights of First Mortgagees. Sale or transfer of any Condominium shall not affect the Assessment lien. However, the foreclosure of a First Mortgage, or the sale of any Condominium pursuant to foreclosure of a First Mortgage, shall extinguish the Assessment lien of any Assessments on that Condominium (including attorneys’ fees, late charges, or interest levied in connection therewith) as to payments which became due prior to such sale or transfer (except for Assessment liens as to which a Notice of Delinquent Assessment has been recorded prior to the Mortgage). The unpaid share of such Assessments shall be deemed to be Common Expenses collectible from all of the Condominium Owners including such acquirer, his successors or assigns. If a Condominium is transferred, the grantor shall remain liable to the Association for all unpaid Assessments against the Condominium through and including the date of the transfer. The grantee shall be entitled to a statement from the Association, dated as of the date of transfer, setting forth the amount of the unpaid Assessments against the Condominium to be transferred and the Condominium shall not be subject to a lien for unpaid Assessments in excess of the amount set forth in the statement, provided, however, the grantee shall be liable for any Assessments that become due after the date of the transfer. Section 4.15 Procedure for Perfection of Lien of Assessment. In the event any Assessment or monthly installment of an Annual Assessment is not paid within fifteen (15) days after the day upon 7.1.K. - Page 34