Obligated Owner, definition
Examples of Obligated Owner, in a sentence
The term "Obligated Owner," as used in this Section 5.6, shall refer to Parcels designated on the Maintenance Plat as having the obligation to maintain a particular Shared Landscape Area or Shared Private Drive.
Any Obligated Owner who pays greater than their share of such costs, damages, attorneys' fees, expenses and liabilities shall have a right of contribution against any Obligated Owner who has paid less than their share of such costs, damages, attorneys' fees, expenses and liabilities.
Such lien shall be superior to all other liens, encumbrances and charges against the Obligated Owner’s Property, except only for liens of any Mortgage and for liens securing payment of taxes, special assessments and special taxes heretofore or hereafter levied by any political subdivision or municipal corporation of this state, and any other state or federal taxes which by law are a lien on the interest of such Obligated Owner prior to preexisting recorded encumbrances.
In any foreclosure proceeding, whether judicial or not judicial, the Obligated Owner shall be required to pay the costs, expenses, and reasonable attorney’s fees incurred by the Other Owner.
The Demanding Owner shall have all remedies available at law or equity to enforce the obligations of the Obligated Owner hereunder, and the provisions of the section shall not be subject to arbitration as provided above.
Any Mortgagee shall have the right, but not the obligation, to cure such default, within the grace period available to the Defaulting Party, together with such additional time as may be reasonably necessary to permit such Mortgagee to obtain possession of the Property, or portion thereof, if possession is necessary in order to cure such default, and the other parties shall accept such performance by any such Mortgagee as though the same had been performed by the applicable Obligated Owner.
Such lien for payment of assessments shall attach with the priority above set forth, and may be enforced by all available legal methods of collection including, but not limited to, the foreclosure of such lien by the Other Owner in like manner as a mortgage on real property, subsequent to the recording of a notice of lien as provided above, or the Other Owner may institute suit against the Obligated Owner for the foreclosure of the aforesaid lien judicially.
In the event any the property of any Obligated Owner is encumbered by a mortgage or trust deed securing a debt (hereinafter referred to as a “Mortgage”), the Other Owner shall provide a copy of the Default Notice to the holder of the Mortgage (hereinafter referred to as the “Mortgagee”).