Conditions, Restrictions and Reservations
Page 12 of 20
of Deeds whenever any such assessments are delinquent. For each certificate so filed, the
Association shall be entitled to collect from the owner or owners of the real estate property
described therein, a fee of Fifty Dollars ($50.00), which fee is hereby declared to be a lien upon
the real estate so described in said certificate. Such fee shall be collectable in the same manner
as the principal due thereon; in order for said lien to be effective as to subsequent purchasers or
mortgagees, it must be placed on record in the office of the DuPage County Recorder.
(g)
The liens herein provided shall be subject and subordinate to the lien of
any valid mortgage or deed of trust now existing or which may hereafter be placed on said real
estate property prior to the effective dates of such liens. In the event of the issuance of a deed,
pursuant to foreclosure of such mortgage or deed of trust or in lien of such foreclosure, the
grantee of such deed shall take title free and clear from any liens herein provided which accrue
prior to the recording of such deed.
(h)
Such liens shall continue for a period of five years from date of
delinquency and no longer, unless within such time suit shall have been filed for the collection of
assessment, in which case the lien shall continue until the termination of the suit and until the
sale of the property under execution of the judgment in such suit.
14.
Expenditures Limited to Assessment for Current Year:
The Association shall not expend more money within any one year than the total
amount of the assessment for that particular year, plus any of the surplus which it may have on
hand from previous assessments; nor shall said Association enter into any contract whatever
binding the assessment of any future year, except for utilities, and no such contract shall be valid
or enforceable against the Association.