Effect of Non-Payment of Assessment; Personal Obligation of the Owner Sample Clauses

Effect of Non-Payment of Assessment; Personal Obligation of the Owner the Lien, Remedies of the Master Association. If any assessment is not paid on the date when due, then such assessment shall become delinquent, together with such interest thereon and cost of collection thereof as hereinafter provided. If an annual or special assessment, or installment of a special assessment, is not paid within thirty (30) days after the due date, the Master Association may charge an administrative late fee as set forth in the rules and regulations adopted by the Community (the “Rules”) such delinquent assessment or installment shall bear interest from the due date at the rate of one and one-half percent (1 ½%) per month provided that such rate does not exceed the highest rate permitted by law in which event the rate charged shall be the highest rate permitted by law. The Master Association may after such thirty (30) day period bring an action at law against the Owner responsible for the payment of such assessment, and (additionally or alternatively) may foreclose the lien against the property, and in the event a judgment is obtained, such judgment shall include interest on the assessment or installment amount as above provided, together with the costs of the action and reasonable attorney’s fees in an amount to be determined by the court. The personal obligation of the then Owner to pay such assessments shall remain his personal obligation and shall not pass as a personal obligation to his successors in title unless expressly assumed by them. The Master Association may file in the office of the County Recorder a Notice of Lien to evidence any delinquent assessment or installment, but the Master Association shall not be under any duty to file such Notice of Lien and its failure or omission to do so shall not in any way impair or affect the Master Association’s lien and other rights in and against the property and against the Owner of such property.
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