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2018-03-06 P & Z Packet
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2018-03-06 P & Z Packet
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notice and perfection of any lien under this Section, and no further recordation of <br /> any notice of or claim for the lien is required. <br /> 6.6 Foreclosure of Liens; Remedies. A lien for Common Expenses may be <br /> foreclosed against a Unit under the laws of the State of Minnesota (i) by action, or <br /> (ii) by advertisement as a lien under a mortgage containing a power of sale. The <br /> Association, or its authorized representative, shall have the power to bid in at the <br /> foreclosure sale and to acquire, hold, lease, mortgage and convey any Unit so <br /> acquired. The Owner and any other Person claiming an interest in the Unit, by <br /> the acceptance or assertion of any interest in the Unit, grants to the Association a <br /> power of sale and full authority to accomplish the foreclosure. The Association <br /> shall, in addition, have the right to pursue any other remedy at law or in equity <br /> against the Owner who fails to pay any assessment or charge against the Unit. <br /> 6.7 Lien Priority; Foreclosure. A lien under this Section is prior to all other liens <br /> and encumbrances on a Unit except (i) liens and encumbrances recorded before <br /> the Declaration, (ii) any first mortgage on the Unit, and (iii) liens for real estate <br /> taxes and other governmental assessments or charges against the Unit. <br /> Notwithstanding the foregoing, if a first mortgage on a Unit is foreclosed, and the <br /> first mortgage was recorded on or after the date hereof, and no Owner redeems <br /> during the Owner's period of redemption provided by Chapters 580, 581, or 582, <br /> then the holder of the sheriffs certificate of sale from the foreclosure of the first <br /> mortgage of the first mortgage or any person who acquires the title to the Unit by <br /> redemption as a junior creditor shall take title to the Unit subject to a lien in favor <br /> of the Association for the unpaid assessments for Common Expenses levied and <br /> which became due, without acceleration, during the six months immediately <br /> preceding the first day following the end of the Owner's period of redemption. <br /> 6.8 Voluntary conveyance; Statement of Assessments. In a voluntary conveyance <br /> of a Unit the buyer shall not be personally liable for any unpaid assessments and <br /> other charges made by the Association against the seller or the seller's Unit prior <br /> to the time of conveyance to the buyer, unless expressly assumed by the buyer. <br /> However, the lien of such assessments shall remain against the Unit until <br /> satisfied. Any seller or buyer shall be entitled to a statement, in recordable form, <br /> from the Association setting forth the amount of the unpaid assessments against <br /> the Unit, including all assessments payable in the Association's current fiscal <br /> year, which statement shall be binding on the Association, seller and buyer. <br /> 6.9 Working Capital Fund. There shall be established a working capital fund to <br /> meet unforeseen expenditures, to purchase additional equipment or services of the <br /> Association, and/or to cover the administrative costs associated with the transfer <br /> of ownership of a Unit. At the time of sale of any improved Unit, whether initial <br /> 14 <br /> 022818 <br />
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