2018-03-06 P & Z Packet - Laserfiche WebLink

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