2017.04.17 CC Packet - Laserfiche WebLink

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6.8.2 The contribution shall be paid at the time of closing of the initial sale of the Unit to a purchaser other than a Neighborhood Developer or Builder. 6.8.3 The contributions are in addition to, and shall not be credited against, the regular installments of Master Assessments. 6.9 Liens for Master Assessments. The Master Association has a lien against each Unit for the portion of a Master Assessment levied against the Unit by the Neighborhood Board of the Neighborhood Association in which that Unit is located. If a Master Assessment is payable in installments, the full amount of the Master Assessment is a lien from the time the first installment becomes due. Fees, charges, late charges, fines, attorneys' fees, interest, or other charges imposed by the Master Association are liens, and are enforceable as Master Assessments hereunder. Recording of this Master Declaration constitutes record notice and perfection of any lien under this Section, and no further recordation of any notice of or claim for the lien is required. 6.10 Lien Priority; Foreclosure. A lien against a Unit for Master Assessments is prior to all other liens and encumbrances on the Unit except (i) liens and encumbrances recorded before the Master Declaration; (ii) any first mortgage on the Unit; and (iii) liens for real estate taxes and other governmental assessments or charges against the Unit. A lien against a Unit for Master Assessments may be foreclosed against the Unit under the laws of the State of Minnesota (i) by action, or (ii) by advertisement in substantially the same manner as a mortgage containing a power of sale. The Master Association, or its authorized representative, shall have the power to bid at the foreclosure sale and to acquire, hold, lease, mortgage and convey any Unit so acquired. The Owner and any other Person claiming an interest in the Unit, by the acceptance or assertion of any interest in the Unit, grants to the Master Association a power of sale and full authority to accomplish the foreclosure by advertisement. The holder of a first mortgage on a Unit which acquires title to the Unit by foreclosure or a deed in lieu of foreclosure shall take title to the Unit free and clear of all Master Assessment liens encumbering the Unit and payable in the period prior to the acquisition of title to the Unit by the mortgage holder. At such time as the first mortgage holder takes title to the Unit, it shall be obligated to pay Master Assessments levied against the Unit and payable during the period when it holds title to the Unit. The Master Association shall, in addition to its other remedies, have the right to pursue any other remedy at law or in equity against the Owner who fails to pay or whose Neighborhood Association fails to pay any Master Assessment or charge against the Unit or the Neighborhood Association in which the Unit is located. 6.11 Voluntary Conveyances; Statement of Master Assessments. In a voluntary conveyance of a Unit, the transferee shall not be personally liable for any part of any unpaid Master Assessments due and payable by the transferor prior to or at the time of conveyance of title to the transferee. However, a lien for any Master Assessment levied against the Unit, shall remain against the Unit until satisfied or released. The Master Association shall furnish to the transferor or transferee of a Unit, upon request, a statement as to the current status of Master Assessments against the Unit. The Master Association may charge a reasonable fee for such services. 18 2190398.v1