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Article VIII. 15 201702574 ten percent (10 %) of the delinquent assessment or twenty dollars ($20), whichever is greater; (iii) Costs of suit and court costs incurred as allowed by the court; (iv) Costs of filing notice of lien in the Office of the Register of Deeds; (v) Interest on all dues and assessments at the rate of fourteen percent (14 %) per annum, commencing thirty (30) days after the dues or assessments become due; and (vi) Any other costs that the Association may incur in the process of collecting delinquent dues and assessments. (b) The dues and assessments shall be the personal obligation of the Owner who is the owner of the lot assessed at the time of the assessment and when shown of record shall be a lien upon the lot assessed. (c) The Association may create a schedule of fines for violation of Association rules and regulations which fines shall be treated and billed as a special assessment to the offending Owner's Lot. 6. LIEN STATUS. The lien of the assessments provided for herein shall be subordinate to the lien of any first mortgage or deed of trust, and the holder of any first mortgage or deed of trust on any lot may rely on this provision without the necessity of the execution of any further subordination agreement by the Association. Sale or transfer of any Lot shall not affect the status or priority of the lien for assessments made as provided herein. The Board of Directors of the Association may release the lien of any delinquent assessment on any lot as to which the first mortgage or deed of trust thereon is in default, if the Board of Directors determine that such lien has no further value to the Association. TERM AND AMENDMENT OF RESTRICTIONS AND COVENANTS These Covenants, Restrictions and Conditions are to run with the land and shall be binding on all persons and all parties claiming ownership of any of the Lots, together with any portion or subsequent re- subdivision of those Lots, for twenty (20) years from the time these Covenants, Restrictions and Conditions are filed of record with the Office of the Register of Deeds of Hall County, at which time said Covenants, Restrictions and Conditions shall be automatically extended for successive periods of ten (10) years. These Covenants, Restrictions and Conditions may be amended at any time by an instrument signed by the then Owners of a majority of the Lots together with any portion or subsequent resubdivision of those lots. Any such amendment will become effective upon the date of its recording in the Office of the Register of Deeds, Hall County, Nebraska.