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Page 48 of 68 201309222 First Mortgage, purchase at a foreclosure sale or trustee sale, or through any equivalent proceedings (including but not limited to the taking of a deed in lieu of foreclosure) shall acquire title free and clear of any claims for unpaid assessments and charges against the Lot that became payable prior to the acquisition of such Lot by the First Mortgagee or other Person. Any Assessments and charges against the Lot that accrue prior to such sale or transfer shall remain the obligation of the defaulting Owner. The Association shall not be obligated to release the Assessment Lien upon a Lot, except as it may be subject to foreclosure by a lien having priority, until all delinquent Assessments, Collection Costs, and all other sums attributed to that Lot and payable to the Association by the Owner have been paid in full. The Association shall have the right, at its option, to enforce collection of any delinquent Assessments, together with Collection Costs and any other sums due to the Association, in any manner allowed by law, including but not limited to bringing an action at law against the Owner personally obligated to pay the delinquent Assessments (which action may be brought without waiving the Assessment Lien) and bringing an action to foreclose the Assessment Lien against the Lot in the manner provided by law for the foreclosure of a realty mortgage. The Association shall have the power to bid at any foreclosure sale and to purchase, acquire, hold, mortgage, and convey any and all Lots purchased at such sale. 8.10 Purposes for Which Association's Funds May Be Used. The Association may use the funds and property collected and received by it (including the Assessments, fees, loan proceeds, surplus funds, and all funds and property received from any other source) for the purpose of (a) discharging and performing the Association's duties and obligations under the Community Documents or applicable law; (b) exercising the rights and powers granted to the Association by the Community Documents or applicable law; (c) providing or promoting activities and services that the Board deems appropriate, necessary, or desirable to foster or promote the common good and general welfare of the Property, Owners, and Residents; (d) contracting for services to be provided to Owners and Residents; and (e) taking such other action as the Board deems necessary, appropriate, or desirable for the management and administration of the Association or the benefit of the Association or the Property. 8.11 Surplus Funds. The Association shall not be obligated to spend all the Assessments and other sums received by it in the year received, and may carry forward any balances remaining as surplus. The Association shall not be obligated to reduce the amount of the Regular Assessment in the succeeding year if a surplus exists from a prior year, and the Association may carry forward from year to year such surplus as the Board may determine to be desirable for the greater financial security of the Association and the accomplishment of its purposes. 8.12 Initial Capital Contribution. Each Purchaser of a Lot from the Declarant or a Designated Builder shall pay to the Association, immediately upon becoming the Owner of the Lot, a sum equal to one -fourth of the