AgdaPkt 2015-06-22 Interview and Joint SA PFA

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31 6557.03/12309 which it becomes due, the Board may deliver a “Notice of Delinquent Assessment” to the Owner of the Condominium assessed and may cause a copy of said Notice to be recorded in the Official Records of San Mateo County. Prior to recording the Notice of Delinquent Assessment, the Association shall provide the Unit Owner with thirty (30) days prior written notice in accordance with the provisions of Civil Code Sections 5650-5740 and 4040, and shall offer to the Unit Owner and, if so requested by the Unit Owner, shall participate in “meet and confer” procedures pursuant to Civil Code Section 5900-5920 and any applicable successor statutes. Said Notice of Delinquent Assessment shall state the amount of the Assessment then due and unpaid which shall include interest, costs and reasonable attorneys fees, a legal description of the Condominium against which such Assessment has been levied, the name of the record Owner of such Condominium and the name and address of the trustee authorized by the Association to enforce the lien by nonjudicial foreclosure (if the Association so elects). Such Notice of Delinquent Assessment shall be signed by a representative designated by the Board, and mailed in the manner set forth in Section 2924(b) of the Civil Code, to all record Owners of the Condominium assessed, no later than ten (10) calendar days after recordation. When such a Notice of Delinquent Assessment has been recorded, the Assessment described therein shall constitute a lien upon the Condominium identified therein which lien shall be prior in right to all other liens thereafter arising except for all taxes, assessments or other levies which by law would be prior thereto and except for the lien of any Mortgage recorded prior to the date any such Assessment became due. Such Assessment lien shall be in favor of the Association and shall be for the benefit of all Owners. If the delinquent Assessment or installment and related charges are paid or otherwise satisfied, the Association shall send to the Owner a “Notice of Satisfaction and Release of Lien” and shall record same in the Official Records of the San Mateo County. Section 4.16 Enforcement of Lien of Assessment. After the expiration of thirty (30) days following the recording of the lien of any Assessment established pursuant to Section 4.15, and subject to the meet and confer and other procedural requirements in Civil Code Sections 5650-5740 and 4040, and other applicable requirements, the Board may enforce the lien by filing an action for judicial foreclosure or, if the Notice of Delinquent Assessment contains the name and address of the trustee authorized by the Association to enforce the lien by nonjudicial foreclosure, by recording a “Notice of Default” in the form described in Civil Code Section 2924c(b)(1) to commence nonjudicial foreclosure. Such nonjudicial foreclosure is to be conducted in accordance with the requirements of Sections 2924-2924h of the California Civil Code applicable to the exercise of nonjudicial foreclosures of mortgages or deeds of trust. The sale shall be conducted by the trustee named in the Notice of Delinquent Assessment or by a trustee substituted in accordance with the provisions of California Civil Code Section 2934a. The Association, acting on behalf of the Owners, shall have the power to bid for the Condominium at a foreclosure or trustee’s sale and to acquire, hold, mortgage and convey the same. If the default is cured before the sale, or before completing a judicial foreclosure, including payment of all costs and expenses incurred by the Association, the Association shall record a Notice of Satisfaction and Release of Lien and, upon receipt of a written request by the Owner, a “Notice of Rescission of the Declaration of Default and Demand for Sale.” (a) Right of Redemption. Pursuant to California Civil Code Section 5715(b), a nonjudicial foreclosure by the Association to collect upon a debt for delinquent assessments shall be subject to a right of redemption. The redemption period within which the Unit may be redeemed from a foreclosure sale under this paragraph ends ninety (90) days after the sale. In addition to the requirements of California Civil Code Section 2924f, a notice of sale in connection with the Association’s foreclosure of a Unit in a common interest development shall include a statement that the property is being sold subject to the right of redemption created in Civil Code Section 5715. The provisions in Section 4.13 through 4.16 above are intended to comply with the requirements of Civil Code Sections 5650-5740 and 4040 in effect as of the date of this Declaration. If said Civil Code sections are amended or rescinded in any manner the provisions of Sections 4.13 through 4.16 above shall 7.1.K. - Page 35