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