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2009_0126_Packet
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2009_0126_Packet
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09l26l2�08 ] 3:18 <br />'� , <br />{FA�4)65169Q2613 F.012d034 <br />Attachment D <br />5.8 Foreclosure af L`ren; Remedies. A lien far Assessments rnay be forecIosed <br />against a Unit t�nder the laws of fhe State of Minnesota (i) by action, or (ii) by <br />ad�ertisement in a like manner as a mortgage containiug a pawer of sale. The <br />Assoczation, or �ts authorized representative, sl�all have the power to bid in at the <br />foreclosure sale an�. to acquire, holc�, lease, mortgage and convey any Unit so aequired. <br />The Owner and an� ather Persan c�aimisig an interest in the Unit, by the acceptance or <br />assertion �i any interest in the Unit, grants to the Association a pawer of sale and fi.�l <br />authoriTy to accomplish the foreclosure. The Associa.tion shall, in addrtion fo its other <br />remedies, have the right to puzsue any other rernedy at law or in equity against the Owner <br />who fails to pay any Assessment or c}�a.rge against the Unit. <br />6.9 Lien Prioniy; Foreclosure. A Lien for Assessments is pridr �o all other <br />liens and encumbrances an a Unit except (i) liens and enc�nbrances recorded before the <br />Declaration; {ii) any first mortgage on the Urut, at�d (iii) liens for real esta#e taxes and <br />ather governmental Assessments or eharges. against the Unit: Notwithsta.�ding the <br />foregoing, if (i} a first mortgage on a Unit is foreclosed, (ii} the iirst mortgage was <br />recorded on or after the date o� recordi�g of this Declarat�on, and (iii) no Owner redeems <br />during the Owner's period of redemption provided by Minnesata Stat�tes Chapters 5&0; <br />581, or 582, then ihe hoIder of the sheriff's certificate of sale fram the %reciosure of the <br />fu�st mortgage shail take titIe to the LJnit subject tQ a tien in favor of the Associatian for <br />�npaid Assessments or installments thereof Ievied p�suant to Sections S15B.3-115(a), <br />{e)(1) ta (3), (�, and (i) o�fhe Act which became due, without accelerat�on, during the six <br />months immeciiately preceding the fzzst day foilowing the end of the 4wrier's period oi <br />redemption. <br />6.10 Real Estate Taxes and Assessments. Real estate ta.�ces, specia.l <br />assessments, aild ather char�es an� fees wluch may be levied against the �'ommo� <br />Ele�nenis by gavern�nental authorities, shall be allocated equally among and levied <br />against the Units, and shall be a lien against eac�► Unit ia the same manner as a iien for <br />real estate taxes and specia.� assessments Ievied against the Unit alone. <br />6.11 Volun Conve a.nces• S'ta.tement of Assessrnents. In a volun#.ary <br />conveyance of a Ur�it, the buyer shall not be personalty liable for any unpaid Assess�nents <br />and at�er charges �nade by the Associatian aga.inst the seller or the seller's [lnit prior to <br />�a titne of conveyance ta the buyer, un�ess expressly asswned by the buyer. However, <br />the lien of such Assessrn�enfs shali remain against the [Tnit until released. Any seller or <br />buyer shall be enti�ied to a statement, in record�.ble form, fram the Associati.on s�tting <br />forth the amaun� af the unpaid Assessments agai�t the CJnit,. including all Assessments <br />payable in the Assaciation's current fiscal year, vvI�ich statement shalI be binc�ng on the <br />Assaciation, selier and buyer. <br />11 <br />
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