Common use of SUBORDINATION OF THE LIEN TO FIRST MORTGAGES Clause in Contracts

SUBORDINATION OF THE LIEN TO FIRST MORTGAGES. The lien of any assessment levied upon a Parcel pursuant to this Declaration shall be subordinate to the lien of any first Mortgage upon such Parcel, and the sale or transfer of such Parcel pursuant to judicial or nonjudicial foreclosure of a first Mortgage shall extinguish the lien of such assessments as to payments which became due prior to such sale or transfer. No sale or transfer shall relieve such Parcel from lien rights for any assessments thereafter becoming due. Where the Mortgagee of a first Mortgage or other purchaser of a Parcel obtains title to the same as a result of foreclosure, such acquirer of title, its successors and assigns, shall not be liable for the share of assessments chargeable to such Parcel which became due prior to the acquisition of title to such Parcel by such acquirer.