Agenda - Council - 02/28/1984 - Laserfiche WebLink

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I ! I I I I I I I I I I I I I i ! with interest thereon at the r·f~ of 8% per annum fro= such due date and all costs of collection, beco=e · conttnutr~ lien on such unit in favor of the Asaoc- iation. To evidence a lion for su=a assessed pursuant to thio Article, the Association ~ay prepare · ~ltton notice of lien settin~ forth ~ Imount of the ass·sam·at, the due datet the ~tmt re~ainin~ unpiid~ the na~e of the O~ner of the unit and · description of the unit. Such · notice shall be si~ned by the Ansoclation and ~ay be recorded in the office of the County Recorder of lnoka County, Hinneaota. No notice of Lien ·hall be recorded until there Is · delin- quency in payment o1' the assasa~ont. Such lien say be enforced either by Judicial foreclosure by the Asaocistiun in the ~ canner' in "hich ~orts'a~ee on real property may be foreclosed in Nlnnsaota or' by forecloains the lion in the ~anner prescribed by ltinneeota Sta~u~ea for the foreclosure of I .echanic~s lien. In any such foreclosure, the Oen~r' shall be required to pay Ill costa of foreclosure includlns reasonable mttorney*s fees, AIl such cost~ and expenses shall be secured bl the lien betni~ foreclosed; The O~ner shell ·leo be required to pay to the Association any saaeeamen~8 a~atna~ the unit ~hi~h shall bec~e due durin~ the period of foreclosure. The /tsaoci·tinn 8hall have the right and poHec to bid at the foreclosure isle or' o~er le~al sale to acquire, hold, convey~ leasa~ rentt encumber, use and othertd~e deal ~i,th l~he unit Im ~ 01mere thereof. In addition to the fore~oin~. ~ll sues an·eased shell 'be · personal oblisation of the Ha~ber(s) ~hose unit is sa·eased and nothtr~ her~tn is intended to preclude the Aasocistinn fro~ seekin~ recovery fr~ said He~her(e). The Association shall upon ~ltten request repar't to any ~ortsasee of · unit any default by the O~ner of ·aid unit in the parlor,mace of any oblisatin~, vhich is not cured ~lthin 60 days. Section 8. Subordination of the Lien to First Norther·a: The lien of the ·sss·sm·nfs. provided for herein shall be subordinate to the lien of · First Hort~a~ee, it~ successors and aaalsna, nov or hereafter' placed upon · unit; pro- vided, ho~ever, that such subordination shall apply only to the asasas~ente .hich have become due and payable p~lo~ to'th~ expiratim of the period of rede~ption fro= · ~ort~a~e foreclosure ·ale, the acceptance of · deed in lieu off forecl°sure, or an~ other pro. c. eedin~ in lieu of · ~oetla~ foreclosure sale. It shell be deemed that the First Nortsa~e, its successor· and aaet4Ins~ co.es into possession of the unit rolls,her .ith its iel~ove~nta upon the ·xpirl~.tm of the period of