2002-06-10 Regular Meeting, Public Hearing, and Workshop Meeting

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e e Section 4. Creation of the Lien; Effect of Nonpayment of Assessment; the Personal Obligation of the Member; Remedies of the Association. (a) Declarant of each Owner, for each Tract owned by them, respectiyely, within the Deyelopment, hereby coyenants, and each Owner of any Tract, by acceptance of a deed therefor, whether or not it shall be expressed in any such deed or other conyeyance, shall be deemed to covenant and agree to pay to the Association such annual and special Association assessments as are fixed by the Association and assessed to the member as hereinafter proyided. (b) If an assessment is not paid within thirty (30) days of the date when due, as fixed by the Property Manager, then such assessment, together with the balance of the annual and special assessments established by the Association pursuant to Sections 3 and 4 of this Article, atthe option of the Association, shall become delinquent and, together with interest at the lesser of (a) prime plus three percent (3%) as determined by the Wall Street Journal and (b) the maximum non-usurious rate permitted by applicable law (the "Default Rate"), all costs reasonably incurred by the Association and the Property Manager, including, but not limited to, reasonable attorney's fee relating to collection of delinquent accounts, shall be secured by a continuing lien upon the Tract owned by such Member against which such assessments are leyied and shall also be the personal obligation of the Owner of such Tract at the time when such assessments are leyied, Such lien shall be prior to all other liens except (i) tax liens, and (ii) the liens of a first mortgage or deed of trust, which is subordinate only to tax liens or other similar goyernmentalliens. Such lien is hereby subordinated to the liens identified in (ii) directly above. (c) The assessments proyided for herein shall be the personal and individual debt of the Owner of the Tract coyered by such assessment. No Member or Owner may exempt itself from liability for assessments except as expressly set forth in this Declaration. The Association may bring an action at law against the Member or Owner or former Member or former Owner personally obligated to pay the assessment, may file and foreclose Gudicially or non-judicially) a lien against the Tract coyered by such assessment in accordance with subsection (d) below, or may do both. In any action, including any arbitration, administrative hearing, court proceeding and appeals thereof, the Association (and the Property Manager) shall be entitled to recover its costs, expenses and reasonable attorney's fees, which item shall be secured by the liens created or reserved under this Article. (d) Declarant and each Owner hereby reserves and grants unto , Trustee (hereinafter referred to as the "Trustee"), a power of sale for the benefit of the Association, and each Owner of any Tract, by acceptance of a deed or other conyeyance therefor, whether or not it shall be expressed in any such deed or other conyeyance, shall be deeded to grant to the Trustee a power of sale for the benefit of the Association to enforce the assessment liens created pursuant to this Article. The assessment liens created pursuant to this Article may be enforced by the foreclosure of such lien against the defaulting Owner's Tract by the Association (i) non-judicially in like manner as a deed of trust or other 7