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3A - Final Plat of Sentinel Office Park
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07-16-2009 Planning Commission Meeting
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3A - Final Plat of Sentinel Office Park
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and several where there are multiple Owners of the Unit. The liability is absolute and <br /> unconditional. No Owner is exempt from liability for payment of Assessments by right of <br /> set-off, by waiver of use or enjoyment of any part of the Property, by absence from or <br /> abandonment of the Unit, by the waiver of any other rights, or by reason of any claim <br /> against the Association or its officers, directors or agents, or for their failure to fulfill any <br /> duties under the Governing Documents or the Act. The Association may invoke the <br /> charges, sanctions and remedies set forth in Section 14, in addition to any remedies <br /> provided elsewhere in the Governing Documents, the Rules and Regulations, or <br /> Bylaws, for the purpose of enforcing its rights hereunder. <br /> 6.7 Declarant's Assessment Program. The following alternative Assessment <br /> program is established pursuant to Section 515B.3-115(a)(2) of the Act. <br /> Notwithstanding anything to the contrary in this Section 6, if a Common Expense <br /> Assessment has been levied, any unsold Unit owned by Declarant shall be assessed at <br /> the rate of twenty-five percent (25%) of the Assessments levied on other Units of the <br /> same type until a certificate of occupancy has been issued with respect to such Unit by <br /> the municipality in which the Unit is located if said municipality issues said certificate. <br /> This reduced Assessment shall apply to each Unit owned by Declarant at the time that <br /> the Unit is created, and shall terminate with respect to each such Unit upon the <br /> issuance of the certificate of occupancy for the Unit. This alternative Assessment <br /> program will not affect the allocated share of replacement reserves attributable to Units <br /> owned by Declarant. The Declarant shall be obligated within 60 days following the <br /> termination of the period of the declarant control of the Association, to make up any <br /> operating deficit, if any, incurred by the association during the period of declarant <br /> control as a result of the alternative assessment program. <br /> 6.8 Assessment Lien. The Association has a lien on a Unit for any <br /> Assessment levied against that Unit from the time the Assessment becomes due. If an <br /> Assessment is payable in installments, the full amount of the Assessment is a lien from <br /> the time the first installment thereof becomes due. Fees, charges, late charges, fines <br /> and interest charges imposed by the Association pursuant to Section 515B.3- <br /> 102(a)(10), (11) and (12) of the Act are liens, and are enforceable as Assessments, <br /> under this Section 6. Recording of the Declaration constitutes record notice and <br /> perfection of any lien under this Section 6, and no further recordation of any notice of or <br /> claim for the lien is required. The release of the lien shall not release the Owner from <br /> personal liability unless agreed to in writing by the Association. <br /> 6.9 Foreclosure of Lien; Remedies. A lien for Assessments may be <br /> foreclosed against a Unit under the laws of the state of Minnesota (i) by action, or (ii) by <br /> advertisement in a like manner as a mortgage containing a power of sale. The <br /> Association, or its authorized representative, shall have the power to bid in at the <br /> foreclosure sale and to acquire, hold, lease, mortgage and convey any Unit so acquired. <br /> The Owner and any other Person claiming an interest in the Unit, by the acceptance or <br /> assertion of any interest in the Unit, grants to the Association a power of sale and full <br /> authority to accomplish the foreclosure. The Association shall, in addition to its other <br /> remedies, have the right to pursue any other remedy at law or in equity against the <br /> Owner who fails to pay any Assessment or charge against the Unit. <br /> 11 <br /> i <br /> i <br />
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