200900728 - Laserfiche WebLink

Browse

200900728 1. All assessments required herein not paid on or before ten (10) days after the date when due shall bear interest at the rate of 18% per annum 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. 16. LIEN FOR NONPAYMENT OF ASSESSMENTS. A. All sums assessed by the Association but unpaid by the Owner of any Unit, including interest, shall constitute a lien on such Unit 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, and (Hi) liens for real estate taxes and other governmental assessments or charges against the Unit. 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 Unit, 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 ofthe 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 Unit in like manner as mortgages on real property, but the Association shall give reasonable prior notice of its action to all lien holders of the Unit whose interest would be affected. The lien shall be in favor ofthe Association and for the benefit of all of the Owners. In any such foreclosure or lawsuit to recover a money judgment, the Owner shall be required to pay the costs and expenses of such proceedings, the costs, expenses, and attorneys' fees for filing the notice or claim of lien, and all reasonable attorneys' fees in connection with such foreclosure or lawsuit. The Owner shall also be required to pay the Association the assessments for the Unit during the period of foreclosure. The Association, on behalf of the Owners, shall have the power to bid on the Unit at foreclosure sale and to acquire and hold, lease, mortgage, and convey such Unit. In any foreclosure of a lien for assessments, the Association shall be entitled to the appointment of a receiver. 17. OWNER'S OBLIGATION FOR PAYMENT OF ASSESSMENTS. All amounts assessed by the Association against each Condominium Unit, whether as a Common Expense, special, or penalty assessment, shall be the personal and individual debt of each Owner at the time the assessment is made. Suit to recover a money judgment for unpaid assessments shall be maintainable without foreclosing or waiving the lien securing the assessment. No Owner may exempt themselves from liability for the Owner's contribution toward the Common Expenses by a waiver of the use or enjoyment of any of the Common Elements or by abandonment ofthe Unit. 18. RESALE OF UNIT: LIABILITY FOR COMMON EXPENSES UPON TRANSFER OF CONDOMINIUM UNIT. A. Unless exempt by the Nebraska Uniform Condominium Act, a Unit Owner and any other person in the business of selling real estate who offers for resale a Unit to a purchaser shall -12-