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against the proposed Special Assessment budget shall be considered a vote to approve the proposed <br />Special Assessment Budget. <br />3.4 Default Assessments. All monetary fines assessed against an Owner pursuant to the <br />Governing Documents, or any expense of the Club which is the obligation of an Owner or which is <br />incurred by the Club on behalf of the Owner pursuant to the Governing Documents shall be a Default <br />Assessment and shall become a lien against such Owner's Lot which may be foreclosed or otherwise <br />collected as provided in this Article. Notice of the amount and due date of such Default Assessment <br />shall be sent to the Owner subject to such assessment at thirty (30) calendar days prior to the due <br />date. <br />3.5 Individual Assessments. The use of facilities, amenities, and equipment o�vned by <br />fhe Club, including but not limited to telephone, gasoline, or other equipment, may be made <br />available to the Members, as authorized by the Board of Directors and subject to an Individual <br />Assessment for such use, at no cost or at fees to be established by the Board of Directors. <br />3.6 Effect of Non-Pavment of Membership Fees, Dues and Assessments. <br />a. Any assessment, charge or fee provided for in this Declaration, or any <br />monthly or other installment thereof, which is not fully paid within thirty (30) calendar days <br />after the due date thereof, as established by the Board, shall bear interest at a rate of interest <br />as may be determined from time to time by the Board, not to exceed the maximum interest <br />rate permitted by law. Additionally, the Club may assess a reasonable late charge as <br />determined by the Board. <br />b. Failure to make payment within thirty (30) calendar days of the due date shall <br />cause the total amount of such Owner's Dues or such other assessments for the remainder <br />of that fiscal year to become immediately due and payable at the option of the Board. The <br />Club may bring an action at law or in equity, or both, against any Lot Owner personally <br />obligated to pay any overdue assessments, charges or fees, or monthly or other installments <br />thereof, and may also proceed to foreclose its lien against such Owner's Lot. <br />c. An action at law or in equity by the Club against a Lot Owner to recover a <br />money judgment for unpaid assessments, charges or fees, or monthly or other installment <br />thereof, may be commenced and pursued by the Club without foreclosing, or in anyway <br />waiving, the Club's lien therefor. <br />d. Foreclosure or attempted foreclosure by the Club of its lien shall not be <br />deemed to stop or otherwise preclude the Club from thereafter again foreclosing or <br />attempting to foreclose its lien for any subsequent Dues, assessments, charges or fees, or <br />monthly or other installments thereof, which are not fully paid when due. The Club shall <br />have the power and right to bid on or purchase any Lot at foreclosure or other legal sale, and <br />to acquire and hold, lease, mortgage, vote the Club votes appurtenant to ownership thereof, <br />convey or otherwise deal with the same. If a foreclosure action is filed to foreclose any <br />W:\CLIENTKrnosha Trout Club�eclaratiwi. Am dc R�s - Final.wpd <br />March 24, 2000 <br />i <br />