Last Update 20 November 2012

Section 5.09. Delinquency and Acceleration. Any.installment of an assessment provided for n this Declaration shall become delinquent if not paid on the due date as established by the Board of Directors of the Association. With respect to each installment of an assessment not paid within ten (10) days after its due date, the Board of Directors may, at its election, require the delinquent Unit Owner to pay a late charge of not to exceed Five Dollars ($5.00) or five percent (5%) of the amount of the delinquent installment whichever is greater, together with interest at the maximum rate permitted by law on such delinquent sum, calculated from the date of delinquency to and including the date full payment is received by the Association. If any installment of an Annual Assessment is not paid within thirty (30) days after its due date, the Board may mail a notice to the Unit Owner and to each first Mortgagee of a Condominium which has requested a copy of the notice. Such notice shall specify (1) the fact that the installment is delinquent, (2) the action required to cure the default, (3) a date, not lees than thirty (30) days from the date the notice ia mailed to the Unit owner, by which such default must be cured; and (4) that failure to cure the default on or before the date specified in the notice may result in acceleration of the balance of the installments of the Annual Assessment for the then current fiscal year and sale of the Condominium. The notice shall further inform the unit Owner of his right to cure after acceleration and to bring a court action to assert the nonexistence of a default or any defense of the Unit Owner to acceleration and sale. If the delinquent installments of the Annual Assessment and any charge thereon are not paid in full on or before the date specified in the notice, the Board at its option may declare all of the unpaid balance of the Annual Assessment for the then current fiscal year, attributable to that Unit Owner and his Condominium, to be immediately due and payable without further de.and and may enforce the collection of the full Annual Assessment and all charges thereon in any manner authorized by law and this Declaration.

Section 5.10. Notice of Lien. The Board of Directors may cause to be Recorded a Notice of Assessment (“Notice of Lien”) securing the payment of any assessment or installment thereof, levied by the Association against any Unit Owner as provided in Section 1356 of the Civil Code. Such Notice of Lien shall state the amount of such assessment or installment, as the case may be, and other authorized charges and interest, including the cost of preparing and recording such Notice of Lien, the expenses of collection in connection with any delinquent installments, reasonable attorneys’ fees, a sufficient description of the Condominium against which the same has been assessed, the name and address of the Association, and the name of the Unit Owner thereof. Such Notice of Lien shall be signed by an authorized representative of the Association. Upon payment to the Association of the full amount claimed in the Notice of Lien, or other satisfaction thereof, the Board of Directors shall cause to be Recorded a Notice of Satisfaction and Release of Lien (“Notice of Release”) stating the satisfaction and release of such amount claimed. The Board of Directors may demand and receive from the applicable Unit Owner a reasonable charge for the preparation and Recordation of such Notice of Release before Recording the same. Any purchaser or encumbrancer who as acted in good faith and extended value may rely upon such Notice of Release as conclusive evidence of the full satisfaction of the sums stated in the Notice of Lien.

Section 5.11. Liens, Enforcement. All sums assessed in accordance with the provisions of this Declaration shall constitute a lien on the respective Condominium prior and superior to all other liens, except (1) all taxes, bonds, assessments and other levies which, by law, would be superior thereto, and (2) the lien or charge of any first Mortgage of record (meaning any Recorded Mortgage or Deeds of Trust with first priority or seniority over other Mortgaged or Deeds of Trust) made in good faith and for value and Recorded prior to the date on which the lien become effective, subject to the provision of Article v, Section 5.07 and Article XII of the Declaration. Notwithstanding the foregoing, any assessment lien provided for hereunder shall ba prior and superior to any declaration of homestead Recorded after the Recordation of this Declaration. Said lier shall become effective upon Recordation of the Notice of Lien in the manner provided in Section 5.10 of this Article V. Such lien shall relate only to the individual Condominium against which the Assessment was levied and not to the Project as a whole. It shall be the duty of the Board of Directors to enforce the collection of any amounts due under this Declaration by one or more of the alternative means of relief afforded by this Declaration. Such lien may be enforced by sale of the Condominium by the Association, its attorney or other persons authorized to make the sale, after failure of the Unit Owner to pay an assessment, or installment thereof, as provided herein. Such sale shall be conducted in accordance with the provisions of the California Civil Code, applicable to the exercise of powers of sale in mortgage and deeds of trust, or in any manner permitted by law. An action may be brought to foreclose the lien of the Association by the Board, or by any Unit Owner if the Board fails or refuses to act, after the expiration of at least thirty (31) days from the date on which the Notice of Lien vas Recoded; provided that at least ten (10) days have expired since a copy o the Notice of Lien vas mailed to the Unit Owner affected thereby, and subject to the provisions of Section 5.09 of this Article V in the event that the Board accelerates the due date of any Annual Assessment installments. In any such foreclosure, the Unit Owner shall be required to pay a reasonable rental for the Condominium, and the plaintiff in such foreclosure action shall be entitled to the appointment of a receiver to collect the same. The Association, through its agents, shall have the power to bid on the Condominium at foreclosure sale, and to acquire and hold, lease, mortgage and convey the same. Suit to recover a money judgment for unpaid Assessments shall be maintainable without foreclosing or waiving the lien securing the same, but this provision or any institution of suit to recover a money judgment shall not constitute an affirmation of the adequacy of money damages. Any recovery resulting from a suit in law or equity initiated pursuant to this Section may include reasonable attorneys' fees as fixed by the court. from a suit in law or equity initiated pursuant to this Section may include reasonable attorneys' fees as fixed by the court.

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