2019-05-22 CC Packet - Laserfiche WebLink

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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 sheriff's 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 sale or resale, the purchaser shall pay a working capital fund contribution to the Association in an amount equal to two (2) monthly installments of the Assessments against the Unit being conveyed. Notwithstanding the foregoing, the requirement to contribute to the working capital fund shall not apply to the following: i) any sale of an unimproved Unit; and ii) any sale to a Homebuilder, unless the Homebuilder is purchasing the Unit for personal, rental and/or residential use, and not for construction and resale. If anyone resides in the Dwelling on a Unit during a period of Homebuilder ownership, it will be presumed that the Homebuilder's intent was for rental or residential use, and the Homebuilder shall be required to contribute to the working capital fund, as provided herein. The amounts paid into this fund are in addition to the regular monthly installments of Assessments, and should not be considered an advance payment of regular Assessment installments. The amounts paid to the working capital fund are not refundable upon resale of the Unit, or in any other 15 Version for Council 05/22/2019