Book: 5327 Page: 3967
shall be due until said model home is sold to a third party for residential use~
Section 4.4. Late Charees. Assessments which are not paid on or be1bre the date the same become due shall be delinquent, and each delinquent assessment shall be~ar simple interest at eighteen percent (18%) per annwn until it is paid in full. In addition to the acc~rual of interest, when an assessment becomes delinquent in payment, the a:pplicable Association has the right to accelerate assessment payments for the balance of the calendar year and, in such event, the Association's lien shall be for the full amount as accelerated. There shall be no exemption from the payment of any assessment by waiver of the use of the Common Areas~ Drainage .Areas or other areas or by abandonment of the Lot or Dwelling Unit, or by extended absence from the Subdivision, or for any reason, except as provided for the Developer in Paragraph 4.3. Section 4.5. Statement for Assessments. Any of the Associations, upon \Vlltten request of any Lot owner or Dwelling Unit owner, shall furnish to a prospective purchaser or prospective mortgagee or any other authorized person a statement of the current status of that Association's assessments on such O\\lner's Lot or Dwelling Unit. V/hen executed by the :,ecretary/freasurer of the applicable Association, a mortgagee, potential purchaser or title examine~r may rely upon such statement as an accurate statement of the status of the assessments by that Association upon the Lot or Dwelling Unit in question, Sec!i~n 4.6. Billine: Reven_u~, Collected. Nothing herein shall prevent the Associations from cooperating in the billing of their assessments so as to save posta1~e and administrative expenses~ In such event, any revenue received by one of the Associations for ,LSsessments of another Association shall be segregated and promptly delivered to the applicable ~issessing Association. Revenue received by any Association on its assessment on any Lot or Dwelling Unit may be co- mingled with revenues received by that Association on its assessments on other Lots or Dwelling Units, except to the extent segregation is required by the City of New Smyrn,t Beach or the Articles ofIncorporation ofa Neighborhood Association. Section 4. 7. Assess}lle,nt of Membership. Although all funds and other assets of the Associations, and any income derived therefrom, shall be held for the benefit of their respective members, no member of any Association shall have the right to assign, e11cumber, hypothecate, pledge, or in any manner transfer his, her or its membership or interest in~ or to said ftmds and assets, except as an appurtenance to his Lot or Dwelling Unitw When an O\Vllf~r of a Lot or Dwelling Unit shall cease to be a member of the a Association by 1·eason of divestment of ownership of said Lot or Dwelling Unit, by whatever means that occurs, none of the Associations shall be required to account to said owner for any share ofthe funds or assets it holds. 17
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