Book: 5327 Page: 3967
shall be due until said model home is sold to a third party for residential use.
Section 4.4. Late Charges. Assessments which are not paid on or before the date the same become due shall be delinquent, and each delinquent assessment shall b~:ar simple interest at eighteen percent (18%) per annum until it is paid in full. In addition to the acc:rual of interest, when an assessment becomes delinquent in payment, the applicable 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. Any of the Associations, upon written 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 owner's Lot or Dwelling Unit. When executed by the Secretaryffreasurer of the applicable Association, a mortgagee, potential purchaser or title exarnin~: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. Nothing herein shall prevent the Associations from cooperating in the billing of their assessments so as to save postage and administrative expenses. In such event, any revenue received by one of the Associations for assessments of another Association shall be segregated and promptly delivered to the applicable assessing 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 Smyrna Beach or the Articles of Incorporation ofa Neighborhood Association. 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, encumber, hypothecate, pledge, or in any manner transfer his, her or its membership or interest in or to said funds and assets, except as an appurtenance to his Lot or Dwelling Unit. When an ownf:r of a Lot or Dwelling Unit shall cease to be a member of the a Association by reason 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 of the funds or assets it hoIds. 17
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