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<br />Scotian 8. Assessment Lien. 81-~ ~" ~) `" ~ `" '~
<br />If arty suite or garage owner shall fail or refuse to make any payment o£ an
<br />assessment when duo, the amount thereof shall constitute a lien on the interest
<br />of the suite or garage owner in his suite oc garage and the Administrators may
<br />record such lien in the Office of the Register of Deeds; whereupon, said lien
<br />shall be privileged over and prior to all. liens and encumbrances except assessments,
<br />liens and charges for taxes past due and o-npaid on Che suite or garage and except
<br />prior duly recorded mortgage and lien instruments. Assessments delinquent more
<br />than thrity (30} days after the due date shall bear interest at the highest Legal
<br />rate from the due date until paid. The delinquency of one installment of an
<br />annual assessment shall cause all remaining installments, at the option o£ the
<br />Association, to immediately become due and payable. The Hoard of Administrators
<br />shall have the right and duty to attempt to recover such common charges, together
<br />with interest thereon, and the expenses of the proceeding, including attorney fees,
<br />in an action to recover the same brought against such suite or gar age. owner,
<br />or by foreclosure of the lien on such suite or garage granted by Section 76-817 of
<br />the Condominium Act. In any action brought by the Hoard of Administrators to fore-
<br />close a lien on a suite or garage, and the plaintiff in such foreclosure action
<br />shall be entitled to the appointment of a receiver to collect the same. The
<br />Board o£ Administrators, acting on behalf of all suite or garage owners, shall have
<br />power to purchase such sui*_e or garage at the foreclosure sale, and to acquire,
<br />hold, lease, mortgage, vote the votes appurtenant to, convey or otherwise deal
<br />with the same, A suit to recover a money judgement for unpaid assessments shall be
<br />maintainable without f.creclosing oc waiving the lien securing the same.
<br />Section 9 Statement of Unpaid Assessmen*s.
<br />Upon payment of a reasonable fee, not to exceed Fifty Dollars ($50.00), and
<br />upon the written request of any owner, prospective purchaser or of any mortgagee
<br />o' a condominium suite or garage, the Board of Administrators, or the Managing
<br />Agent, shall issue a written statement setting forth the amount of the unpaid
<br />assessments, if any, with respect to the subject suite ar garage, the amount
<br />of the current periodic assessment and the date that such assessment became due,
<br />env penalties due, and credit for advance payments or for prepaid items, which
<br />statement shall be conclusive upon the Association in favor of ate, persons who
<br />rely thereon in good faith.
<br />Seckicn 10. Nonwaiver.
<br />The omission or failure to timely fix any assessments or deliver or mail
<br />a statement for any period shall not be deemed a waiver, modification or a release
<br />of the owners from their obligation to pay the same.
<br />ARTICLE VI. INSURANCE.
<br />Section L Coverage.
<br />The Hoard of Administra*_ors shall ob*_ain and maintain, to the extent obtain-
<br />able, the following insurance: fire insurance with extended coverage, vandalism
<br />and milicious mischief endorsements, insuring the entire condominium improvements
<br />and any other property, whether or not a common element (inc lading all of the suites
<br />or garages, fixtures therein initially installed by the Developer but not including
<br />furniture, furnishings oz other personal property supplied by or installed by owners}
<br />together with all service equipment contained therein in an amount equal to the full
<br />replacement value, without deduction for depreciation, and which shall contain a
<br />standard non-contributory mortgage clause in favor of each mortgagee of a condominium
<br />suite cr garage which shall prorfde *_hat the loss, if any, hereunder shah be pay-
<br />able to such mortgagee as its interest may appear, subject, however, to the loss
<br />gayment grovisions in favor of the Board of Administrators hereinafter set forth in
<br />Section 1 0€ Article X; public liability insurance in such limits as the Hoard of
<br />Administrators may from time to time determine, co•reri.ng the Association, each
<br />member of the Hoard, the Managing Agent, agents and employees of the Association
<br />and each suite or garaye owner; and such additional coverage as the Board of Ad-
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