EFFECT OF NONPAYMENT OF ASSESSMENTS' REMEDIES OF THE ASSOCIATION Sample Clauses

EFFECT OF NONPAYMENT OF ASSESSMENTS' REMEDIES OF THE ASSOCIATION. Any assessments which are not paid when due shall be delinquent. Any assessment or assessment installment delinquent for a period of more than ten (10) days may incur a late charge in an amount as the Board may determine from time to time. The Association shall cause a notice of delinquency to be given to any member who has not paid within the ten (10) days following the due date. If the assessment or assessment installment is not paid within thirty (30) days, the Association may declare the entire balance of such assessment for the remainder of such annual period due and payable in full, and a lien as herein provided for shall attach, and in addition the lien shall include the late charge, interest on the principal amount due at the maximum allowable rate from the date first due and payable, all costs of collection, reasonable attorney's fees actually incurred, and any other amounts provided or permitted by law. In the event that the assessment remains unpaid after sixty (60) days, the Association may, as the Board shall determine, institute suit to collect such amounts or to foreclose its lien. Each owner, by acceptance of a deed or other conveyance to a building site, vests in the Association or its agents the right and power to bring actions against such owner or owners personally for the collection of such charges as a debt and/or to foreclose the aforesaid lien in the same manner as other liens for the improvement of real property. The lien provided in this Article shall be in favor of the Association and shall be for the benefit of all other owners. The Association, acting on behalf of the owners, shall have the power to bid on the building site at any foreclosure sale or to acquire, hold, lease, mortgage and convey the same. No owner may waive or otherwise escape liability for the assessments provided for herein, including by way of illustration but not limitation, abandonment of the building site. The Board shall likewise have the right to use forcible entry and detainer proceedings to enforce the rights provided to the Board under this Declaration as permitted from time to time by the statutes of the State of Illinois.
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EFFECT OF NONPAYMENT OF ASSESSMENTS' REMEDIES OF THE ASSOCIATION. Any assessment not paid within thirty (30) days after the date shall be deemed in default and shall bear interest from the due date at the rale of fifteen percent (15%) per annum. The Association may bring an action at law against the lot owner personally obligated to pay the same, or may foreclose the lien against the property. The Jot owner shall also be obligated to pay the reasonable attorney fee incurred by the Association to collect said delinquent assessments. No lot owner may waive or otherwise escape liability for the assessments provided for herein by non-use of the common area or abandonment of his lot.
Sample 1
EFFECT OF NONPAYMENT OF ASSESSMENTS' REMEDIES OF THE ASSOCIATION. Any assessment not paid within thirty (30) days after the due date shall bear interest from the due date at the rate often (10%) percent per annum. The Association may bring an action at law against the Owner personally obligated to pay the same, or foreclose the lien against the Lot subject to the assessment.
Sample 1
EFFECT OF NONPAYMENT OF ASSESSMENTS' REMEDIES OF THE ASSOCIATION. Any assessments which are not paid when due shall be delinquent. If the assessment is not paid within thirty (30) days after the due date, the assessment shall bear interest at the rate of eight percent (8%) per annum from the date of delinquency, and the Association may bring an action at law against the Owner personally obligated to pay the same, or foreclose the lien against the property, and interest, costs and reasonable attorney's fees of any such action shall be added to the amount of such assessment. No Owner may waive or otherwise escape liability for the assessments provided for herein by non-use of the Common Area or abandonment of his lot.
Sample 1
EFFECT OF NONPAYMENT OF ASSESSMENTS' REMEDIES OF THE ASSOCIATION. Any assessment or expense incurred by the Association to discharge an obligation of an Owner not paid within thirty (30) days after the due date shall bear interest from the due date at the rate of eighteen percent (18%) per annum. The Association may bring an action at law against the Owner personally obligated to pay the same, or foreclose the lien against the property. Each such Owner, by his acceptance of a deed to a Lot, hereby expressly vests in the Association, or its agents the right and power to bring all actions against such Owner personally or the collection of such charges as a debt and to enforce the aforesaid lien by all methods available for the enforcement of such liens, including judicial foreclosure by an action brought in the name of the Association in a like manner as a mortgage or deed of trust lien on real property, and such Owner hereby expressly grants to the Association a power of sale in connection with said lien. The lien provided for in this section shall be in favor of the Association and shall be for the benefit of all other Lot Owners. No Owner may waive or otherwise escape liability for the assessments provided for herein by non-use of the common area or abandonment of his Lot.
Sample 1
EFFECT OF NONPAYMENT OF ASSESSMENTS' REMEDIES OF THE ASSOCIATION. If any assessment (or periodic installment of such assessment, if applicable) is not paid on the due date established therefore pursuant to this Declaration, then the entire unpaid assessment (together with interest thereon, costs and reasonable attorneys’ fees as provided in this Declaration) shall become delinquent and shall constitute a continuing lien on the Lot to which such assessment relates, binding upon the then Owner, his/her heirs, devisees, successors and assigns. The personal obligation of the then Owner to pay such assessments, however, shall not pass to such Owner’s successors in title unless expressly assumed by them. If any assessment is not paid within thirty (30) days after the due date, the assessment shall bear interest from the date of delinquency at the rate of twelve percent (12%) per annum (or, if such rate exceeds the highest rate permissible by applicable law, then the highest rate permissible by applicable law), and the Association may bring an action at law against the Owner personally obligated to pay the same, or foreclose the lien against the property, or both. In such event, there shall be added to the amount of such assessment the costs and attorney’s fees of preparing and filing the complaint in such action; and in the event a judgment is obtained, such judgment shall include interest on the assessment as above provided, costs of the action and reasonable attorneys’ fees to be fixed by the court. No Owner may waive or otherwise escape liability for the assessments provided for herein by nonuse of the Common Area owned by the Association or abandonment of his Lot.
Sample 1
EFFECT OF NONPAYMENT OF ASSESSMENTS' REMEDIES OF THE ASSOCIATION. (a) Any Assessment not paid within ten (10) days after the due date shall bear interest from the due date at the rate of eighteen percent (18%) per annum or at such rate as the Board may from time to time establish provided, however, that in no event shall the Association have the power to establish a rate of interest in violation of the law of the State of Florida. (b) Any payment received by the Association and accepted shall be applied first to any interest accrued, then to any costs and reasonable attorney’s fees incurred in collection, and then to the delinquent assessment. (c) The Board may bring an action at law against the Owner personally obligated to pay the same, or foreclose the lien against the Property. Before foreclosing a lien against the Property, the Board shall providing written notice to the delinquent owner. Such notice shall: (i) Provide the owner with 45 days to make payment for all amounts due, including, but not limited to, any attorney’s fees and actual costs associated with the preparation and delivery of the written demand. (ii) Be sent by registered or certified mail, return receipt requested, and by first-class United States Mail to the parcel owner at his or her last address as reflected in the records of the association, if the address is within the United States, and to the parcel owner subject to the demand at the address of the parcel if the owner’s address as reflected in the records of the association is not the parcel address. If the address reflected in the records is outside the United States, then sending the notice to that address and to the parcel address by first-class United States mail is sufficient. (d) The Board may bring an action in its name to foreclose a lien for unpaid assessments secured by a lien in the same manner that a mortgage of real property is foreclosed and may also bring an action to recover a money judgment for the unpaid assessments without waiving any claim of lien. Such action may not be brought until 45 days after the parcel owner has been provided notice of the association’s intent to foreclose and collect the unpaid amount. (i) The Board may recover any reasonable attorney’s fees incurred in a lien foreclosure action or in an action to recover a money judgment for the unpaid assessments. (ii) The Board may purchase the parcel at the foreclosure sale and hold, lease, mortgage, or convey the parcel. (iii) In such foreclosure, the Owner is required to pay all costs and expenses of foreclos...
Sample 1
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EFFECT OF NONPAYMENT OF ASSESSMENTS' REMEDIES OF THE ASSOCIATION. Any Assessment not paid within 30 days after its due date shall bear interest from the due date at the rate of 12% per annum, or at the legal rate of interest in Indiana, whichever is higher. The Association may bring an action at law against each Owner personally obligated to pay a delinquent Assessment, and foreclose the lien of an Assessment against the Owner’s Lot. No Owner may waive or otherwise escape liability for Assessments made under these Covenants by non­use of the Common Area or abandonment of a Lot. The lien for delinquent Assessments may be foreclosed in the same manner as mortgages are foreclosed in Indiana. The Association shall also be entitled to recover the reasonable attorney fees, costs and expenses incurred because of the failure of an Owner to timely pay an Assessment.
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Related to EFFECT OF NONPAYMENT OF ASSESSMENTS' REMEDIES OF THE ASSOCIATION

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