Directors that is reasonably related to the services and benefits received by an Owner.

Section 8.   Effect of Nonpayment of Assessments: Remedies of the Association.

Any assessment or installment thereof not paid within thirty (30) days after the due date shall be subject to a late charge not to exceed five per centum (5%) of such assessment or installment thereof and shall bear interest from the date of delinquency at the rate of twelve per centum (12%) per annum until the payment is received by the Association. Further, in any case where an assessment is payable in installments, upon a default by an Owner in the payment of any installment when due, the required payment date or dates of the remaining unpaid installments of such assessments may be accelerated, at the option of the Board of Directors, and the entire balance of such assessment may be declared due and payable in full by the service of notice to such effect upon the defaulting Owner by or on behalf of the Board of Directors.

The Association may bring an action at law against the Owner personally obligated to pay the same or foreclose the lien against the property. No Owner may waive or otherwise escape liability for the assessments provided for herein by non-use of the Common Area, Trail Facilities or abandonment of his Lot.

Section 9.   Subordination of the Lien to Mortgages.

The lien of the assessments provided for herein shall be subordinate to the lien of any first deed of 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 first 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, except to the extent the Association may be entitled to any surplus sales proceeds as a junior lien secured creditor. No sale or transfer shall relieve such Lot from liability for any assessments thereafter becoming due or from the lien subsequent to such sale or transfer nor shall it relieve the Owner of such Lot