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QT 005507 <br />the provisions of the Condominium Documents. Any such penalty assessments <br />will be levied only after a notice and hearing as set out in the Byl4ws. The <br />Association may also impose reasonable charges for the preparation and- reeor- <br />dation of amendments to this Declaration, resale certificates that may be <br />required, or statements or liens of unpaid assessments. All penalty assess- <br />ments and said charges shall be enforced and collected in the same manner as <br />all other assessments. <br />(K) All assessments required herein not paid on or before ten (10) days <br />after the date when due shall bear interest at the maximum rate established by law, unless otherwise determined by the Board of Directors, from the date <br />when due until paid. All payments upon account shall be first applied to <br />interest and then to the assessment payment first due. <br />23. Assessment Reserves and Working Capital Account. <br />(A) At the time of the first conveyance of each Condominium Unit from <br />Declarant to an Owner other than Declarant, the acquiring Owner shall pay <br />an initial assessment in an amount to be determined by the Board for Common <br />Expenses to be used by the Association as working capital, which payment: <br />shall be considered to be an advance payment of Common Expense assess- <br />ments. <br />(B) Any surplus funds of the A, 1s =ion rema'.iing after payment of or <br />provision for Common Exper..�es and a_., prepayment of reserves must be paid <br />to the Unit Owners according to their Allocated Interests for Common Expense <br />liabilities or credited to the Owner to reduce their future Common Expense <br />assessments. <br />24. Lien for Nonpayment of Assessments. <br />(A) All sums assessed by the Association but unpaid by the Owner of <br />any Condominium Unit, including interest thereon as provided herein, shall <br />constitute a lien on such Condominium Unit superior (prior) to all other liens <br />and encumbrances, except only for (i) liens and encumbrances recorded <br />before the recordation of this Declaration, (ii) a Mortgage recorded before the <br />date on which the assessment sought to be enforced became delinquent, a_nd <br />(iii) liens for real estate taxes and other governmental assessments or charges <br />against the Unit. Each Owner hereby agrees that the Association's lien on a <br />Condominium Unit for assessments shall be superior to any homestead exemp- <br />tion provided by any state or federal law and each Owner agrees that the <br />acceptance of the deed or other instrument of conveyance in regard to any <br />Condominium Unit within the Project shall signify such grantee'"s waiver of <br />such homestead rights with respect to such lien. <br />(B) To evidence such lien for unpaid assessments, the Association shall <br />prepare a written notice setting forth the amount, the name of the Owner of <br />the Condominium Unit, and a description of the Condominium Unit. Such <br />notice shall be signed on behalf of the Association by an officer of the Asso- <br />ciation and shall be recorded in the records of the Register of Deeds of the <br />County. Such lien shall attach from the date of the failure of payment of the <br />assessment, and may be enforced by foreclosure by the Association of the <br />defaulting Owner's Condominium Unit in like manner as mortgages on real <br />property, but the Association shall give reasonable prior notice of its action <br />-20- <br />1-1 <br />