HUMPHRIES, VALERIE R. - Laserfiche WebLink

Home Browse Search

with the debt secured by said lien and reasonable attorneys' fees), and the name and address of the claimant. 7.6 Foreclosure Sale. Any such sale provided for above is to be conducted by the Board, its attorney or other persons authorized by the Board in accordance with the provisions of Sections 2924, 2924a, 2924b, 2924c, 2924f, 2924g and 2924h of the Civil Code of the State of California, applicable to the exercise of powers of sale in mortgages and deeds of trust, or in any other manner permitted by law. The Association, through duly authorized agents, shall have the power to bid on the Parcel at any foreclosure sale, to acquire and hold, lease, mortgage and convey the same. 7.7 Curing of Default. Upon the curing of any default for which a notice of claim or lien is filed by the Association, the officers thereof shall, within thirty (30) days file or record, as the case may be, an appropriate release of such notice, upon payment by the defaulting Owner of a fee, to be determined by the Association to cover the costs of preparing and filing or recording such release. 7.8 Cumulative Remedies. The assessment lien and the rights to foreclosure and sale thereunder shall be in addition to and not in substitution for all other rights and remedies which the Association and its assigns may have hereunder and by law, including a suit to recover a money judgment for unpaid assessments, as above provided. 7.9 Assessments. All Assessments required to be made to the Association by Owners are due on the first of each calendar month and are delinquent if not received by the Association by the tenth of each calendar month at a location designated by the Association. Funds received are to be applied first to late charges, then to fines, then to penalties, then to interest owed, then toward Assessments, then toward any other sums as become payable under this Declaration or the Bylaws. 7.10 Contingency Funds. For the first five years of the Association, the City of Santa Ana will provide a contingency fund account of $25,000. In the event that an Owner is delinquent for sixty days on any portion of its Assessment, late charges, fines, penalties, interest, or any other stuns payable under this Declaration of the Bylaws, the Association will draw upon the contingency find account of $25,000 set aside by the City of Santa Ana in an amount sufficient to bring the delinquent account current. After bringing a delinquent account current, the Association must pursue legal remedies against the Owner in order to draw upon the contingency fiend account of $25,000 again. If the account is delinquent for more than 180 days, the City must approve any further use of the contingency fund for that delinquent account. The Association's drawing upon these contingency funds does not relieve or in any way affect the delinquent Owner's obligation to bring its account current, or incur interest, penalties, and late charges, and collection will proceed against the delinquent Owner in accordance with Article VII of this Declaration. EXHIBIT E: Page 19 of 24