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foreclosure, the person personally obligated to pay the same shall be required to pay all costs of foreclosure, including but not limited to, reasonable attorneys' fees. All such costs and expenses shall be further secured by the lien being foreclosed. The person personally obligated to pay such lien shall also be required to pay the Association any assessments against the Lot which shall become due during the period of foreclosure. The Association shall have the right and power to bid at the foreclosure sale or other legal sale and to acquire, hold, convey, lease, rent, encumber, use and otherwise deal with the Lot as the Owner thereof. A release or satisfaction of the notice of lien shall be executed by an officer of the Association and recorded or filed upon payment of all sums secured by such lien. . (d) Any encumbrancer holding a lien on any Lot may pay, but shall not be required to pay, any amounts secured by the lien created and authorized by this Section and, upon payment of such sums, such encumbrancer shall be subrogated to all rights of the Association with respect to such lien, including but not limited to, priority as to any other lien or interest in such Lot. (e) Any assessment not paid within thirty (30) days after the due date shall bear interest from the due date until paid at the rate of eight percent (8%) per annum. No Owner may waive or otherwise escape personal liability for the assessments provided for herein by abandonment of his or her Lot. Suit to recover a money judgment for such assessments, with costs of collection and interest as provided for herein, shall be maintained by the Association without foreclosing or waiving the lien securing the same. Section 9. Subordination of the Lien to Mort2a¡es. The lien of the assessments provided for herein shall be subordinate to the lien of any first mortgage now or hereafter placed on any Lot subject to assessment; provided that such subordination shall apply only to the assessments which have become due prior to the sale or transfer of a Lot pursuant to the remedies provided in a first mortgage on such Lot or pursuant to mortgage foreclosure or any deed or proceedings in lieu thereof and the expiration of any applicable period of redemption. Accordingly, the sale or transfer of any Lot pursuant to the remedies provided in a first mortgage on such Lot, or pursuant to mortgage foreclosure or any deed or proceeding in lieu thereof, shall extinguish the lien of such assessments as to payments which become due prior to such sale or transfer and the expiration of any applicable redemption period, and any first mortgagee who so obtains title to a Lot or any purchaser at any such foreclosure sale will not be liable for any unpaid assessments which accrue prior to the acquisition of title to such Lot by the mortgagee or purchaser and the expiration of any applicable redemption period. No such sale or transfer, however, shall relieve such Lot from liability for any -7-