Section 6.01. Delinquency. Any assessment that is not paid within fifteen days after it becomes due shall be delinquent. If an Assessment is delinquent, the Association may recover all of the following:
(a) reasonable costs incurred in collecting the delinquent Assessment, including attorney's fees;
(b) a late charge not exceeding ten percent of the delinquent Assessment or Fifty Dollars per incident, whichever is greater; and (c) interest on all sums imposed in accordance with this Section, including the delinquent Assessment, reasonable costs of collection and late charges, at an annual percentage rate equal to twelve percent interest (1% per month), commencing thirty days after the Assessment becomes due.

Section 6.02. Lien and Notice of Delinquent Assessment. The amount of any delinquent Assessment, plus any costs of collection, late charges and interest assessed in accordance with the Article entitled "Assessments", shall be a continuing lien on the Unit against which the Assessment was levied.  Interest of 1% per month on the unpaid balance including late fees, costs and interest until paid or foreclosed will be added.  A notice of delinquent assessment which shall state the amount of the Assessment and other sums imposed in accordance with Section 6.01, a description of the Unit, the name of the Owner, and, in order for the lien to be enforced by non-judicial foreclosure as provided in Section 6.03, the name and address of the trustee authorized by the Association to enforce the lien by sale or deed in lieu of foreclosure. The notice of delinquent assessment shall be signed by any officer of the Association, or any employee or agent of the Association authorized to do so by the Board. Unless the Board considers the immediate recording of the notice of delinquent assessment to be in the best interest of the Association, it shall not be recorded until twenty calendar days after the Association has delivered a written notice of default and demand for payment, except as may otherwise be provided for in this Declaration, a lien created by this Section shall be prior to all other liens recorded subsequent to the notice of delinquent assessment with regard to such lien.

Section 6.03. Remedies. In addition to all other legal and equitable rights or remedies which it may have, the Association may enforce any Assessment lien created under Section 6.02 in any manner permitted by law, including sale by the court, sale by the trustee designated in the notice of delinquent assessment, sale by a trustee substituted or issuing a deed in lieu of foreclosure.  Any sale by the trustee shall be conducted in accordance with the civil laws of the country of registration of the ship’s and corporations applicable to the exercise of powers of sale in mortgages or deeds of trust or any successor or substitute law. The Association, through its duly authorized agents, using Association funds or funds borrowed for such purpose, may bid on the Unit at the foreclosure sale, and may hold as treasury stock, lease, mortgage or convey the acquired Unit.

Section 6.04. Curing of Default. Upon the timely curing of any default for which a notice of assessment and pending default was recorded by the Association, the Association shall cause to be recorded a further notice stating the satisfaction and release of the lien of the delinquent Assessment.

Section 6.05. Cumulative Remedies. The Assessment lien and the rights to foreclosure and sale shall be in addition to and not in substitution for all other rights and remedies which the Association and its assigns may have under this Declaration and by law and in equity (including, without limitation, the right to bring an action against the Owner of a Unit to recover sums for which a lien is created pursuant to Section 6.02 and to take a deed in lieu of foreclosure).