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9 <br /> <br /> <br /> <br />after the due date shall be delinquent, shall bear interest at the rate of twelve percent (12%) per annum <br />commencing thirty (30) days after the due date until paid, and shall incur a late payment penalty in an <br />amount not exceeding ten percent (10%) of the delinquent Assessment or ten dollars ($10), whichever is <br />greater. <br /> <br />4.8. Transfer of Condominium by Sale or Foreclosure: Sale or transfer of any Condominium <br />shall not affect the Assessment Lien. However, the sale of any Condominium pursuant to Foreclosure of a <br />First Mortgage shall extinguish the Assessment Lien of any Assessments on that Condominium (including <br />attorneys' fees, late charges, or interest levied in connection therewith) as to payments which became due <br />prior to such sale or transfer (except for Assessment Liens as to which a Notice of Delinquent Assessment <br />has been recorded prior to the Mortgage}. Any First Lender who obtains title to a Condominium pursuant to <br />remedies in the Mortgage or through foreclosure will not be liable for the Unit's unpaid Assessments accrued <br />before acquisition of the title to the Unit by the First Lender. No sale or transfer shall relieve such <br />Condominium from liability for any Assessments becoming due after the foreclosure sale or from the lien <br />thereof. The unpaid share of such Assessments shall be deemed to be Common Expenses collectible from <br />all of the Condominium Owners including such acquirer, and his or her successors or assigns. If a <br />Condominium is transferred, the grantor shall remain liable to the Association for all unpaid Assessments <br />against the Condominium through and including the date of the transfer. The grantee shall be entitled to a <br />statement from the Association, dated as of the date of transfer, setting forth the amount of the unpaid <br />Assessments against the Condominium to be transferred and the Condominium shall not be subject to a lien <br />for unpaid Assessments in excess of the amount set forth in the statement, provided, however, the grantee <br />shall be liable for any Assessments that become due after the date of the transfer. <br /> <br />4.9. Priorities; Enforcement; Remedies: If an Owner fails to pay an Assessment when due, the <br />Association has the right, and option, to bring legal action against the Owner to enforce collection of the <br />unpaid and past due Assessment, or may impose an Assessment Lien on the Unit pursuant to the <br />provisions of Civil Code Section 5675. Suit to recover a money judgment for unpaid Assessments and <br />attorneys' fees, shall be maintainable without foreclosing or waiving the lien securing the same. The <br />Association shall distribute the written notice required by the currently applicable provisions of the Civil Code <br />to each Member as required in the form and content as so required. <br /> <br />A. Statement of Charges: At least thirty (30) days prior to the Association recording <br />an Assessment Lien upon a Unit pursuant to Civil Code Section 5650, the Association shall notify the <br />owner of record in writing by certified mail of the following: <br /> <br />(1) A general description of the collection and lien enforcement procedures of <br />the Association and the method of calculation of the amount owed, a statement that the Owner has the right <br />to inspect the Association's records, pursuant to Civil Code Section 5205, and the following statement in 14- <br />point boldface type, if printed, or in capital letters, if typed: "IMPORTANT NOTICE: IF YOUR SEPARATE <br />INTEREST IS PLACED IN FORECLOSURE BECAUSE YOU ARE BEHIND IN YOUR ASSESSMENTS, <br />IT MAY BE SOLD WITHOUT COURT ACTION". <br /> <br />(2) An itemized statement of the charges owed by the Owner, including <br />items on the statement which indicate the amount of any delinquent Assessments, the fees and <br />reasonable costs of collection, reasonable attorney's fees, any late charges, and interest, if any. <br /> <br />(3) A statement that the Owner shall not be liable to pay the charges, <br />interest, and costs of collection, if it is determined the Assessment was paid on time to the Association. <br /> <br />(4) The right to request a meeting with the Board as provided by Civil Code <br />Section 5665. <br /> <br />(5) The right to dispute the Assessment debt by submitting a written request for <br />dispute resolution to the Association pursuant to the Association's "meet and confer" program required <br />in Civil Code, Article 2 (commencing with Section 5900 of Chapter 10 of the Civil Code. <br />96