04-18-2002 Regular Meeting and Public Hearing of the La Porte Planning and Zoning Commission

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:. . Section 4. Creation of the Lien: Effect ofNonp~ent of Assessment: the Personal Obligation of the Member; Remedies of the Association. (a) Declarant of each Owne-:, for each Tract owned by them, respectively, within the Development, hereby covenants, 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 conveyance, 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 provided. (b) Ifan 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 anIlUal and special assessments established by the Association pursuant to Sections 3 and 4 of this Article, at the 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 ,~y applicable law (the "D~fault Rate"), all costs reasonab,ly 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 levied and shall also be the personal obligation of the Owner of such Tract at the 'time when such assessments ar~ levied. '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 Qther similar governmental liens. Such lien is hereby subordinated to the liens identified in (ii) directly above. ( c) The assessments provided for herein shall be,the personal and individual debt of the Owner of the Tract covered 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 as'sessment, may file and foreclose Gudicially or, non-judicially) a lien against the Tract covered by such a~sessment in accordance with subsection (d) belo:w, or may do both. In any action, including ~y arbitration, administrative hearing, court proceeding and appeals thereof, the Association' (an.d the Property Manager) shall be entitled to recover its costs, expenses and reason~ble 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 o~her conveyance therefor, whether or not it shall be expressed in any such deed or other conveyance, 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-judi(!ially in like manner as a deed of trust or other contract lien 'pursuant to the laws of the , State of Texas governing'non-judicial rights offoreclosure on real property or (ii) in any other 7