Common use of Collection of Assessments Clause in Contracts

Collection of Assessments. In the event any Owner shall fail to pay any Assessment, or installment thereof, charged to such Owner within ten (10) days after the same becomes due, then the Association, through its Board, shall have any and all of the following remedies to the extent permitted by law, which remedies are cumulative and which remedies are not in lieu of, but are in addition to, all other remedies available to the Association set forth in this Declaration, the ▇▇▇▇▇▇▇ Square Documents or the HOA Act: 1. To accelerate the entire amount of any Assessment for the remainder of the calendar year notwithstanding any provisions for the payment thereof in installments. 2. To advance on behalf of the Owner(s) in default funds to accomplish the needs of the Association up to and including the full amount for which such Owner(s) is liable to the Association and the amount or amounts of monies so advanced, together with Interest and all costs of collection thereof, including, but not limited to, Legal Fees, may thereupon be collected by the Association from the Owner(s) and such advance by the Association shall not waive the default. 3. To file an action in equity to foreclose its lien at any time after the effective date thereof as provided in Section 2 hereinabove. The lien may be foreclosed by an action in the name of the Association in like manner as a foreclosure of a mortgage on real property. 4. To file an action at law to collect said Assessment plus Interest and all costs of collection thereof, including, but not limited to, Legal Fees, without waiving any lien rights or rights of foreclosure in the Association. 5. To charge Interest on such Assessment from the date it becomes due, as well as a late charge not to exceed the greater of Twenty-Five Dollars ($25.00) or five (5%) percent of the amount of each installment of Assessments that is paid past the due date to defray additional collection costs. 6. To suspend the right of the Owner(s) in default to vote on any matter on which Owners have the right to vote if such Owner is delinquent in payment of Assessments or other any monetary obligation due the Association for more than ninety (90) days and until such monetary obligations are paid in full. 7. To suspend the right of the Owner(s), along with their family members, guests, invitees and tenants to use certain common areas and the Recreational Areas located within the Association Property if such Owner is delinquent in payment of Assessments or any other monetary obligation due the Association for more than ninety (90) days and until such monetary obligations are paid in full. Suspensions imposed by the Association pursuant subparagraphs 6 and 7 above must be approved by the Board in the manner required by the HOA Act.

Collection of Assessments. In the event any Owner shall fail to pay any Assessment, or installment thereof, charged to such Owner within ten fifteen (1015) days after the same becomes due, then the Association, through its Board, shall have any and all of the following remedies to the extent permitted by law, which remedies are cumulative and which remedies are not in lieu of, but are in addition to, all other remedies available to the Association set forth in this Declaration, the ▇▇▇▇▇▇▇ Square Documents or the HOA ActAssociation: 1. To accelerate the entire amount of any Assessment for the remainder of the calendar year notwithstanding any notwithstandingany provisions for the payment thereof in installments. 2. To advance on advanceon behalf of the Owner(s) in Owner(s)in default funds to fundsto accomplish the needs of the Association up to and including the full amount for which such Owner(s) is (are) liable to the Association and the amount or amounts of monies so advanced, together with Interest and all costs of collection thereof, including, but not limited to, Legal Fees, may thereupon be collected by the Association from fiom the Owner(s) and Parcel Owner(s) and such advance by the Association shall not waive the default. 3. To file an action in equity to foreclose its lien at any time after the effective date thereof as provided in Section 2 hereinabove. The lien may be foreclosed by an action in the name of the Association in like manner as a foreclosure of a mortgage on real property. 4. To file an action at law to collect said Assessment plus Interest and all costs of collection thereof, including, but not limited to, Legal Fees, without waiving any lien rights or rights of foreclosure in of the Association. 5. To charge Interest on such Assessment from fiom the date it becomes due, as well as a late charge not to exceed the greater of Twenty-Five Dollars ($25.00) or five (5%) percent of the amount of each installment of Assessments that is paid past the due date and No/100 Dollars to defray defiay additional collection costs. Instrument# ▇▇▇▇-▇▇▇▇▇▇ # ▇▇ Page: 3856 6. To suspend the use rights of the Owner(s) in default to the Association Property, subject to the Notice and Hearing provisions in Article X, Section 1 herein. 67. To suspend the right of the Owner(s) in Owner(s)in default to vote on any matter on which Owners have the right to vote if such Owner is delinquent in payment of Assessments or other any monetary obligation due the Association assessments for more than ninety (90) days and until such monetary obligations are paid in fulldays. 7. To suspend the right of the Owner(s), along with their family members, guests, invitees and tenants to use certain common areas and the Recreational Areas located within the Association Property if such Owner is delinquent in payment of Assessments or any other monetary obligation due the Association for more than ninety (90) days and until such monetary obligations are paid in full. Suspensions imposed by the Association pursuant subparagraphs 6 and 7 above must be approved by the Board in the manner required by the HOA Act.