Recission of Enabling Declaration Establishing A Plan For Condominum Ownership 2-27-1981

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• the first phase. In subsequent phases, the assessments against all units in each phase shall commence on the first day of the month following the closing of the first sale in such phase. The first assessment for each phase shall be adjusted according to the number of months remaining in the calendar year. Subject to the provisions of Section 4.3 hereof, the Board of Directors shall determine and fix the amount of the annual assessment against each unit and send written notice thereof to every owner at least sixty (60) days in advance of each annual assessment period. The due dates shall he established by the Board of Directors. The Association shall, upon demand. and for a reasonable charge, furnish a certificate signed by an officer of the Association setting forth whether the assess- ments on a specified unit have been paid. Such a certificate W shall be conclusive evidence of such payment. N tut 4.8 Effect of Nonpayment of Assessments: Any 4. 1 assessment not paid within thirtyTT ) days after the due date N shall hear interest at the rate of ten percent (10%) per annum from the due date until paid, and shall incur a late payment penalty of $10.00. un 4.9 Transfer of Unit by Sale or Foreclosure: Sale or transfer of any unit shall not meet EEie as essment lien. i.l However, the sale of any unit pursuant to mortgage foreclosure :r shall extinguish the lien of such assessments as to payments v� which became due prior to such sale or transfer (except for assessment liens recorded prior to the mortgage) . No sale or transfer shall relieve such unit from liability for any assess- ments thereafter becoming due or from the lien thereof. Where the mortgagee of a first mortgage of record or other purchaser of a condominium obtains title to the same as a result of foreclosure of any such first mortgage, such acquirer of title, his successor and assigns, shall not be liable for the share of the common expenses or assessment by the Association chargeable to such condominium which became due prior to the acquisition of title to such condominium by such acquirer (except for assessment liens recorded prior to the mortgage) . (No amendment of the preceeding sentence may he made without the consent of all institutional lenders that would he adversely affected by said amendment. ) Such unpaid share of common expenses or assessments shall be deemed to he common expenses collectible from all of the condominium owners including such acquirer, his successors or assigns. In a voluntary conveyance of a condominium the grantee and the grantor shall be jointly and severally liable to the Association for all unpaid assessments against the condominium for the grantor's share of the common expenses up to the time of the grant or conveyance, without prejudice to the grantee's right to recover from the grantor the amounts paid by the grantee therefor. However, any such grantee shall be entitled to a statement from the Association, setting 44 -14- arty i . 1 t' A t'_