Subordination of the Lien to Mortgages. The lien of the assessment provided for herein shall be subordinate to the lien of any first trust or mortgage. Sale or transfer of any Lot shall not affect the assessment lien. However, the sale or transfer of any Lot pursuant to a foreclosure or any proceeding in lieu thereof shall extinguish the lien of such assessments as to payments thereof which become due prior to such sale or transfer. No sale or transfer shall relieve such Lot from liability for any assessments thereafter becoming due or from the lien thereof.
Subordination of the Lien to Mortgages. 1. This transfer and conveyance, and the lien for common expenses payable by a Lot Owner which is secured by the transfer and conveyance shall both be subordinate to the lien of a recorded First Mortgage or Deed of Trust on the interest of such Lot Owner, regardless of whether the First Mortgage or Deed of Trust was recorded before or after this instrument, except for the amount of the proportionate share of common expenses which become due and payable from and after the date on which the Mortgagee or Beneficiary accepts a conveyance of any interest therein (other than as security) or forecloses its Mortgage or Deed of Trust. While the lien for assessments may be extinguished, the personal indebtedness therefor shall remain and be the personal obligation of the Lot Owner who owned the lot when the assessment came due. Any delinquent assessments (after lien extinguishment) may be reallocated and assessed among all Lots as a Common Expense. This subparagraph shall not be amended, changed, modified or rescinded except for the appointment of a substitute Trustee without the prior written consent of all First Mortgagees and Beneficiaries of record.
Subordination of the Lien to Mortgages. As provided aforesaid, the lien of the assessments provided for herein shall be subordinate to the lien of any bona fide security device, including the lien of any Mortgage or any sale and leaseback transaction now or hereafter placed upon the Building Site subject to assessment; provided, however, such subordination shall apply only to the assessments which have become due and payable prior to a decree of foreclosure, or other proceeding in lieu of foreclosure. Such sale or transfer shall not release such Building Site from liability for any assessment thereafter becoming due, nor from the lien of any such subsequent assessments.
Subordination of the Lien to Mortgages. The Assessment Lien shall be subordinate to the lien of any First Mortgage, except as otherwise provided in Section 4.1 and Section 4.8(B) above. The sale or transfer of any Lot shall not affect the Assessment Lien except that the sale or transfer of a Lot pursuant to judicial foreclosure of a First Mortgage or the transfer of the Lot to the holder of the First Mortgage by deed in lieu of foreclosure shall extinguish the Assessment Lien as to payments which became due prior to the sale or transfer except to the extent provided in Section 4.1 and Section 4.8(B) above. However, in such event, only the Assessment Lien shall be extinguished upon the sale or transfer of the Lot pursuant to such a mortgage foreclosure or deed in lieu thereof, and not the Assessments themselves, which shall continue to be the obligation of the Owner of the Lot, including any successor Owner, to the extent provided in Section 720.3085, Florida Statutes, or in such greater amount as is permitted by any successor statute thereto. No sale or transfer shall relieve the Lot from liability for any Assessments thereafter becoming due or from the lien thereof.
Subordination of the Lien to Mortgages. The liens provided for herein shall be subordinate to the lien of any first lien, mortgage or deed of trust recorded prior to the recording of the Notice of Delinquency by the Association or the Developer in the Office of the Register of Deeds for the County in which the Lot is located. Sale or transfer of any Lot shall not affect the liens provided for in the preceding section. However, the sale or transfer of any Lot which is subject to any such first lien, mortgage or deed of trust, pursuant to a foreclosure thereof or any proceeding in lieu of foreclosure thereof, shall extinguish the lien of Assessments under the Notice of Delinquency when recorded prior to such mortgage as to the payment thereof which becomes due prior to such sale or transfer but shall not relieve any Owner in possession of a Lot prior to such foreclosure sale or deed of trust from any personal obligation defined herein for the payment of Assessments. No such sale or transfer shall relieve such Owner from liability for any Assessments thereafter becoming due or from the lien thereof, but the liens provided for herein shall continue to be subordinate to the lien of any subsequent first lien, mortgage or deed of trust, except for liens for Assessment due from subsequent Owners of the Lot if the Notice of Delinquency is recorded prior to the subsequent first lien mortgage.
Subordination of the Lien to Mortgages. The liens provided for herein shall be subordinate to the lien of any first or second lien deed of trust on a Parcel, provided the beneficiary of such deed of trust is an Institutional Lender. Sale or transfer of a Parcel or any portion of the Subject Property shall not affect any lien, but the sale or transfer of a Parcel or any portion of the Subject Property which is subject to a mortgage or deed of trust to which the lien is subordinate, pursuant to a foreclosure of such mortgage or deed of trust or any proceeding in lieu of foreclosure thereof, shall extinguish such lien as to any amount which became due prior to such sale or transfer. No such sale or transfer shall relieve such Parcel from liability for any amount thereafter becoming due or from the lien thereof, and the liens provided for in this Article IV shall continue to be subordinate to the lien of those mortgages and deeds of trust identified in the first sentence of this Section 6.
Subordination of the Lien to Mortgages. The lien of the assessments provided for in this Article shall be a lien superior to all other liens less and except real estate tax liens and the lien of any mortgage to any Institutional Lender which is now or hereafter placed upon any property subject to assessment as long as said mortgage lien is a first lien against the property encumbered thereby; provided, however, that any such mortgagee, when in possession, or any receiver, and in the event of a foreclosure, any purchaser at a foreclosure sale, and any such mortgagee acquiring a deed in lieu of foreclosure, and all persons claiming by, through or under such purchaser or mortgagee, shall hold title subject to the liability and lien of any assessment coming due after such foreclosure (or conveyance in lieu of foreclosure). Any unpaid assessments which cannot be collected as a lien against any Lot by reason of the provisions of this paragraph shall be deemed to be an assessment divided equally among, payable by a lien against all Lots subject to assessment by the Association, including the Lots as to which the foreclosure (or conveyance in lieu of foreclosure) took place. Notwithstanding any contrary provision hereof, no Institutional Lender acquiring title to a Lot through foreclosure or conveyance in lieu of foreclosure, and no purchaser at a foreclosure sale, and no persons claiming by, through or under such Institutional Lender or purchaser, shall be personally obligated to pay assessments that accrue prior to the Institutional Lender’s or the foreclosure purchaser’s acquiring title.
Subordination of the Lien to Mortgages. The lien of the -------------------------------------- assessments provided for herein shall be subordinate to the lien of any first mortgage and the leasehold rights of a tenant. Sale or transfer of any part of the Property shall not affect the assessment lien. However, the sale or transfer of any part of the Property pursuant to mortgage foreclosure or any proceeding in lieu thereof, shall extinguish the lien of such assessments as to payments which became due prior to such sale or transfer. The foreclosure of the lien of the assessment shall not terminate the leasehold rights of a tenant. No sale or transfer shall relieve such part of the Property from liability for any assessments thereafter becoming due or from the lien thereof.
Subordination of the Lien to Mortgages. The lien for Club Charges shall be subordinate to a bona fide first mortgage held by a Mortgagee on any Residential Unit, if the mortgage is recorded in the Public Records prior to the claim of lien. The Club claim of lien shall not be affected by any sale or transfer of a Residential Unit, except in the event of a sale or transfer of a Residential Unit pursuant to a foreclosure (or deed in lieu of foreclosure) of a bona fide first mortgage held by a Mortgagee, in which event, the acquirer of title, its successors and assigns, shall not be liable for such sums secured by a claim of lien encumbering the Residential Unit or chargeable to the former Owner of the Residential Unit which became due prior to such sale or transfer. Any sale or transfer pursuant to a foreclosure shall not relieve the Owner from liability for, nor the Residential Unit from the lien of any fees or charges made thereafter. Nothing herein contained shall be construed as releasing the party liable for any delinquent fees or charges from the payment thereof, or the enforcement of collection by means other than foreclosure. A Mortgagee shall give written notice to the Club Owner if the mortgage held by such Mortgagee is in default. Club Owner shall have the right, but not the obligation, to cure such default within the time periods applicable to the Owner. In the event the Club Owner makes such payment on behalf of an Owner, the Club Owner shall, in addition to all other rights reserved herein, be subrogated to all of the rights of the Mortgagee. All amounts advanced on behalf of an Owner pursuant to this Section shall be added to Club Charges payable by such Owner with appropriate interest.
Subordination of the Lien to Mortgages. The lien of any assessments provided for herein, whether annual or special, shall be subordinate to the lien of any mortgage or mortgages of any institutional lender now or hereafter placed upon the properties subject to assessment. Said lien shall become effective from and after the time of recording in the Public Records of Xxxxxxx County, North Carolina, a claim of lien stating the description of the Lot, the name of the record Owner, the amount due and date when due, and the lien shall continue in effect until all sums secured by the lien have been fully paid.
