Common use of EFFECT OF NON-PAYMENT OF ASSESSMENTS AND PERSONAL LIABILITY OF OWNER Clause in Contracts

EFFECT OF NON-PAYMENT OF ASSESSMENTS AND PERSONAL LIABILITY OF OWNER. A. If an assessment is not paid on the date when due (being the date specified in Section 7.6 hereof), then such assessment shall be deemed delinquent and shall thereupon be deemed, together with such interest thereon and costs of collection thereof as hereinafter provided, a continuing lien upon the Building Site and all Improvements thereon and such continuing lien shall bind the Building Site and all Improvements thereon in the hands of the then Tenant or Subtenant, his heirs, devisees, personal representatives, successors and assigns. In addition to the lien upon the Building Site and all Improvements thereon, it shall be the personal obligation of each Tenant or Subtenant to pay the assessment affecting his Building Site assessed during its ownership period and such personal obligation shall continue even though the Tenant’s or Subtenant’s interest in such property shall be transferred.