200807402 - Laserfiche WebLink

Browse

200807402 J. All Unit Owners of a particular Unit shall be jointly and severally liable to the Association for the payment of all Assessments attributable to such Unit, including the annual Assessment for expenses and special and penalty assessments assessed against their particular Unit. k. All Assessments required herein not paid on or before ten (10) days after the date when due shall bear interest at the rate oftwelve percent (12%) per annum from the date when due until paid. All payments upon account shall be first applied to interest and then to the Assessment. 22. Assessment Reserves and Working Capital Account. a. At the time of the first conveyance of each Unit, the acquiring Unit Owner shall pay an initial Assessment in an amount to be determined by the Board for expenses to be used by the Association as working capital, which payment shall be considered to be an advance payment of expense Assessments. b. Any surplus funds of the Association remaining after payment of or provision for expenses and any prepayment of reserves must be paid to the Unit Owners according to their Allocated Interests for expense liabilities or credited to the Unit Owners to reduce their future expense Assessments. 23. Lien for Nonpayment of Assessments. a. All sums assessed by the Association but unpaid by the Unit Owner of any Unit, including interest thereon as provided herein, shall constitute a lien on such Unit superior to all other liens and encumbrances, except only for (i) liens and encumbrances recorded before the recordation of this Declaration, (ii) a mortgage recorded before the date on which the Assessment sought to be enforced became delinquent, and (iii) liens for real estate taxes and other governmental assessments or charges against the Unit. Each Unit Owner hereby agrees that the Association's lien on a Unit for Assessments shall be superior to any homestead exemption provided by any state or federal law and each Unit Owner agrees that the acceptance of the deed or other instrument of conveyance in regard to any Unit with the Condominium shall signify such grantee's waiver of such homestead rights with respect to such lien. b. To evidence such lien for unpaid Assessments, the Board shall prepare a written notice setting forth the amount, the name of the Unit Owner and a description of the Unit. Such notice shall be signed on behalf of the Association by an officer of the Association and shall be recorded in the records of the Register of Deeds of Lancaster County, Nebraska. Such lien shall attach from the date of the failure of payment of the Assessment, and may be enforced by foreclosure by the Association against the defaulting Unit Owner's Unit in like manner as mortgages on real property, but the Association shall give reasonable prior notice of its action to all lienholders of the Unit whose interest would be affected. The lien provided herein shall be in favor of the Association and for the benefit of all ofthe Unit Owners. In -13-