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200608021 i. Reasonable attorney's fees and costs incurred in the event an attorney is employed to collect any dues, assessment or sum due, whether by suit or otherwise; ii. A late charge in an amount to be fixed by the Association to compensate the Association for additional collection costs incurred in the event any dues, assessment or other sum is not paid when due or within any "grace" period. The late charge shall not exceed ten percent (10%) of the delinquent assessment or twenty dollars ($20), whichever is greater; 111. Costs of suit and court costs incurred as allowed by the court; iv. Costs of filing notice oflien 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. (c) The dues and assessments shall be the personal obligation ofthe Owner who is the owner ofthe unit assessed at the time ofthe assessment and when shown of record shall be a lien upon the lot assessed. (d) The Association may create a schedule of fines for violation of Association rules and regulations which fine shall be treated and billed as a special assessment to the offending Owner's unit. 11. The lien of any dues or special assessment shall, until shown of record, be subordinate to the lien of any mortgage, deed of trust or other encumbrance placed upon the unit against which the assessment is levied. 12. The association shall insure the Condominium and the association against risk, including tort liability, in the manner set forth in the By-Laws. A unit owner may obtain insurance, for the unit owner's account and benefit, covering the unit and contents. Each policy shall be issued in the name of the association for the benefit of unit owners in proportion to the allocated interest shown hereinabove at Article I, section 7. III. MISCELLANEOUS PROVISIONS 1. Binding Effect. The covenants contained in this Declaration shall run with the land and shall bind the Declarant and all persons claiming under the Declarant. 2. Enforcement. Enforcement of the covenants contained in this Declaration may be, by proceedings at law or in equity, against any person violating or attempting to violate any covenant. The proceedings may be to restrain the violation or recover damages and, by the association, may be to enforce any lien or obligation created by the covenants. 7