Agmt02 Maria La Rocca Estates - Laserfiche WebLink

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Section 7 Power Qf FD~eQlosure ~nd $a15~ Each of the Lot Owners does hereby appoint the Association, as~trustee, to enforce any lien created pursuant to this DeclaratiOn and to foreclose such lien by means of any available current Ca%ifornia statute~ )s such statutes may be revised, amended or alte~ed from time to tlme, or by judicial foreclosure, and does further rant the Assoclation~ as such trustee, the power to sell the Lo~ of any such defaulting ©wner~ or any part thereof, for lawful mot ~y of the United States~ to the highest bidder to satisfy such li~n. The lien provided for herein shall be in ~avor of the Association ~ shall be for the benefit of all Lot Qwners and shall Secure payment of all sums set forth in the~ Notice of Delinquent Assessment together with all sku~s becoming due and pay~le in accordance with this Declaration after th~ date of recordation of said Notice of Assessment. The Associatio~shall have the power to bid at any foreclosure sale and to purchase, acquire, hold, ~ease, mortgage and convey any Lot. In the even~ such foreclosur~is by action in court, reasonable attorneys' ~ees, court costs, ~title search fees, interest and all other cost~ and expenses sh~ll be allowed to the extent permitted by law. Section 8 Transfer of Lot by .$a~$ Q~ Foreclosure: Sale or transfer of any Lot shall not affect the a~ sessment lien. However, the sale of any Lot pursuant to mortgage foreclosure shall extinguish the lien of such assessments as to payments which became due prior to such sale or transfer (except for assessment liens recorded prior to the mortgage). No sale o~ transfer shall relieve such Lot from liability for any assessmentslthereafter becoming due or from the lien thereof. Where the mortgagee of a first mortga(ie of record or other purchaser of a Lot obtains title to th, same as a result of foreclosure of any such first mortgage, suc acquirer of title, his successors and assigns, shall not be liab e for the share of the common expenses or assessments by the As ~ociation chargeable to such Lot which became due prior to the acquisition of title to such Lot by such acquirer (except for assessment liens recorded prior to the mortgage). No amendment of the preceding sentence may be made without the consent of institutional lender~ in accordance with the provisions of ~rticle IX of this Declaratio! Such unpaid share of co~on expenses or assessments shall be deemed to be common ~xpenses collectible from all of the Lots i~ =luding such aoquirer, his successors and assigns. Any grantee shall be entitled to a statement from the Association, setting f~rth the amount of the unpaid assessments against the grantor due ~e Association and such grantee shall not be liable for any unpaid .ssessments made by the 24