ASSESSMENT LIEN AND FORECLOSURE Sample Clauses
The Assessment Lien and Foreclosure clause establishes the right of a homeowners association or similar governing body to place a lien on a property when the owner fails to pay required assessments or dues. In practice, this means that if a property owner becomes delinquent on payments, the association can record a legal claim against the property, and, if the debt remains unpaid, may initiate foreclosure proceedings to recover the owed amounts. This clause ensures the association has a clear and enforceable mechanism to collect assessments, thereby protecting its financial stability and ensuring all members contribute their fair share.
ASSESSMENT LIEN AND FORECLOSURE. Notwithstanding any provision to the contrary herein provided, if any, all sums assessed in the manner herein provided but unpaid, shall, together with interest, costs, expenses, and attorneys' fees, become a continuing lien and charge on the Parcel covered by such assessment, or in the case of a lien arising out of unpaid Restricted Use Area assessments, a lien on the Parcel benefited by such Restricted Use Area, which shall bind such Parcel in the hands of the Owner(s), his heirs, devisees, personal representatives, successors and assigns. The aforesaid lien shall take precedence over and be superior to all other liens and charges against the said Parcel, including, but not limited to any and all mortgages and deeds of trust, except the lien of assessments under the Riverport Indenture. Sale or transfer shall not affect any lien created pursuant hereto. To evidence the aforesaid assessment lien, the Trustees shall prepare a written notice of assessment lien setting forth the amount of the unpaid indebtedness, the name of the Owner(s) of the Parcel covered by such lien and a description of the Parcel. Such notice shall be signed by one of the Trustees and shall be filed and recorded in the offices of the Circuit Clerk of St. Louis County, Missouri and the Recorder of Deeds of St. Louis County, Missouri. A copy of said notice shall be sent by certified mail, return receipt requested, to the last known record address of each Owner of the affected Parcel, of each tenant with a lease of record affecting said Parcel, and of each person or entity having a mortgage lien of record affecting said Parcel. Such lien for payment of assessments may be enforced by foreclosing on the defaulting Owner's Parcel by the Trustees in like manner as a mortgage on real property subsequent to the recording of a notice of assessment lien as provided above, or the Trustees may institute suit against the Owner(s) personally obligated to pay the assessment and/or for foreclosure of the aforesaid lien judicially. In any foreclosure proceeding, whether judicial or non-judicial, the Owner(s) shall be required to pay the costs, expenses, and reasonable attorney's fees incurred. The Trustees shall have the power to bid on the Parcel at foreclosure or other legal or equitable sale and to acquire, hold, lease, mortgage, convey or otherwise deal with the same. Upon payment of such assessment so recorded, together with interest, costs, expenses and attorneys' fees, satisfaction thereof shall...
ASSESSMENT LIEN AND FORECLOSURE. All sums assessed in the manner provided for in this Article which remain unpaid, together with late charges, interest thereon and on such late charges and the costs of collection (including, without limitation, reasonable attorneys' fees as provided above), shall become a continuing charge and shall constitute and be secured by a separate valid and subsisting lien, which is hereby created and fixed, on the Lotto which they relate, together with all Improvements thereon, forthe benefit of the Association (and all Ground Lessees of other Lots), which lien shall bind such property in the hands of the Ground Lessee and such Ground Lessee's heirs, devisees, personal representatives, successors and assigns (including, without limitation, the First Mortgagee or any other Person who obtains leasehold title to a Lot as a result of foreclosure, trustee's sale or deed in lieu thereof, but only, in the case of a First Mortgagee, where such First Mortgage was Recorded subsequent to the date when payment of any such Assessment became due and payable). Subject to the condition that the Association be made a party to any legal proceeding to enforce any lien hereinafterpr ovided to be superior thereto, the lien hereby created shall be subordinate and inferiorto (a) all liens for 14 BN 32866176vl2 taxes or special assessments levied by any governments with jurisdiction, or any political subdivision or special district thereof, and (b) all liens securing amounts due or to become due under any First Mortgage Recorded with the Recorder prior to the date an Assessment lien is Recorded; and any foreclosure of any such superior lien ( or exercise of any power of sale contained in any such prior First Mortgage or other security instrument), or through other legal proceedings in which the Association has been made a party, shall cut offand extinguish the liens securing the Annual and Special Assessments which became due and payable prior to the date upon which such foreclosure or sale has been completed or final judgment shall have been entered in such other legal proceedings (and all rights of appeal therefrom shall have expired), but no such foreclosure shall free any portion of the Lot or the Improvements thereon from the lien securing Assessments thereafter becoming due and payable, nor shall the liability of any Ground Lessee personally obligated to pay any such Annual or Special Assessments which become due prior to such foreclosure be extinguished by any such foreclosure. S...