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202002679 no duty to refund any payments received even though the ownership of a Lot changes during an Assessment Period; however, successor Owners of Lots shall be given credit for prepayments, on a prorated basis, made by prior Owners. 8.9 Creation of Assessment Lien; Effect of Nonpayment of Assessments; Remedies of the Association. Any Assessment or installment thereof not paid within fifteen (15) days after the Assessment or installment first becomes due shall bear interest from the due date at the rate of interest set from time to time by the Board. In addition, the Board may establish a late fee to be charged to any Owner who has not paid any Assessment or installment thereof within fifteen (15) days after such payment was due. The Association shall have a lien on each Lot for all Assessments levied against the Lot, all Collection Costs incurred as against the Lot, and any amounts payable to the Association pursuant to the Community Documents ("Assessment Lien"). The Recording of this Declaration constitutes record notice and perfection of the Assessment Lien. The Association may, at its option, Record a Notice of Assessment Lien setting forth the name of the delinquent Owner, the legal description or street address of the Lot against which the Notice of Assessment Lien is Recorded, and the amount claimed to be past due as of the date of the Recording of the Notice, including Collection Costs. Before Recording any Notice of Assessment Lien against a Lot, the Association shall make a written demand to the defaulting Owner for payment of the delinquent Assessments, together with Collection Costs, if any, and all other amounts secured by the Assessment Lien. In the event that any of the amounts specified in the demand are not paid within ten (10) days after delivery of the demand, the Association may proceed with Recording a Notice of Assessment Lien against the Lot. If the Association Records a Notice of Assessment Lien, the Association may charge the Owner against which the Notice of Assessment Lien is Recorded a lien fee in an amount established from time to time by the Board. The Assessment Lien shall have priority over all liens or claims except for liens and encumbrances Recorded before the Recording of this Declaration, liens for real estate taxes and other governmental assessments and charges, and the lien of any First Mortgage or seller's interest in a first contract for sale Recorded prior to the Assessment Lien. Any First Mortgagee or any other Person acquiring title or coming into possession of a Lot through foreclosure of the 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 Page 36 of 52