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201907112 Directors shall establish the due dates. The Association shall upon demand and for a reasonable charge, furnish a certification signed by an Officer of the Association setting forth whether the assessments on a special Lot has been paid. Section 8. Effect of Nonpayment of Assessments: Remedies of the Association. Any assessments not paid within thirty (30) days after the due date shall bear interest from due date at the rate of twelve percent (12%) per annum. If three or more monthly installments of assessments on any Lot shall be unpaid, then the remaining installments of the assessment for such fiscal year, at the option of the Board of Directors, shall become at once due and payable. The Association may bring an action at law against the Owner personally obligated to pay the same or foreclose the lien against the property in the same manner as provided by law for foreclosure of mortgages. No Owner may waive or otherwise escape liability for the assessments provided by non-use or abandonment of his Lot. Section 9. Subordination of the Lien to Mortgages and Release of Lien. The lien of the assessments provided for herein shall be subordinate to the lien of any first mortgage and any first mortgage may rely on this provision without execution of any further subordination agreement by the Association. Sale or transfer of a Lot shall not affect the status or priority of the Lien for assessment made as provided herein. The Board of Directors of the Association may release the lien of past due assessments on property as to which the first mortgage is in default if the Board determines that the lien has no value to the Association. Section 10. Exempt Property. No lot shall be exempt from any assessments created herein. ARTICLE IV ARCHITECTURAL CONTROL Section 1. No building, fence, wall or other structure shall be commenced, erected or maintained upon the Properties, nor shall exterior addition to or change or alteration therein be made until the plans and specifications showing the nature, kind, shape, height, materials, exterior color scheme, and location of the same shall have been submitted to be approved in writing as to harmony of external design in location in relation to surrounding structures and topography by the Architectural and Landscape Committee, whose procedure and functions shall be governed by regulations as set forth in the By -Laws. Page 7 of 11+