Agmt02 Maria La Rocca Estates - Laserfiche WebLink

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Association against the grantor in exces.: of the amount set forth in the statement, provided however, the ga antee shall be liable for any such assessment becoming due afte~ the date of any such statement. ~ Section 9 Release of Lien: Upon pa~ent of the delinquent assessment or its satisfaction~ the Assc=iation shall record, in the same manner as the Notice ~of Assessme~ t, a further certificate stating the satisfaction and release of he lien. s~ction 10 Status of A~Sgssm~nt Lien: Upon request by any Lot ? · Owner, the Association will f~rn~sh, ~or the benefit of any prospective purchaser or present or pre pective encumbrancer of such Lot a statement showing all amounts ~en due which are secured by such lien. A reasonable fee, not to e~ceed Fifty Dollars, may be charged for the preparation of such statement. Section 11 Subordination of Lien to Encumbrance: Notwithstanding any provision to the contrary i~ this D~ laration, the lien for assessments created by this Declaratio! shall be subject and subordinate to and shall not affeC~ the ri( ~ts of the holder of any recorded first mortgage or first deed of ~rust upon such Lot made in good faith and for value. In the eve~ any lien imposed under the provisions hereof is extinguished by r, ason of the foreclosure of any mortgage or deed of trust on the Lo~ subject to such lien, and there is a surplus in such foreclosur~,, there shall be a lien on such surplus in order to secure all assessments, whether regular or special, charged to such Lot after the cate of such foreclosure sale, which lien shall have the same effec~ and be enforced in the same manner as provided herein. For purposes of this Section, a mortgage >r deed of trust may be given in good faith or for value even thou( h the mortgagee or the beneficiary of such mortgage or deed of ~ ~st has constructive or actual knowledge of the assessment li~n provisions of this Declaration. No amendment of this Section shall affect ti~e rights of the holder of any mortgage or deed of trust recorded ])riot to recordation of such amendment unless the mortgagee or b~neficiary joins in the execution of such amendment. Section 12 Association F~n~$: The assessments collected by the Association shall be held by the associati¢~n for and on behalf of each Lot Owner and shall be used solely for the operation, care and maintenance of the Project as provided in this Declaration. The Board shall allocate a portion of said fun(s as collected for the 25