No. 1589 approving declaration of protective and restrictive covenants of the US 31 Industrial Park

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COVENANTS -US 31 INDUSTRIAL PARK co Association and Section 6.4 herein. 6.6 Assessments. As a member of the Association, each Owner by acquiring legal or equitable title to a Lot, agrees for itself, its heirs, personal representatives, successors and assigns, to pay the Association any dues, assessments, charges, costs or fines, as may from time to time be levied by the Association for any lawful reason. 6.7 Failure to Pay Assessments. In the event an Owner fails to pay any dues, assessments, charges, costs or fines tendered by the Association to it, or its successors and assigns, the Association will serve the Owner with a notice of delinquency. The Owner will, within thirty (30) days after receipt of such notice, pay the Association no less than the delinquent amount. If at the end of such thirty (30) day period the Owner has not paid co the amount due to the Association, interest will be added to the delinquent amount at an annual rate equal to the maximum legal rate or three percent (3 %) above prime as reported in the Wall Street Joumal, whichever is lower. The rate will be adjusted annually on the anniversary date of said notice of delinquency. The owner will be liable for reasonable attorney's fees incurred in the collection of delinquent dues, assessments, charges, costs or fines, and any accrued interest thereon. The delinquent amount, plus accrued interest, shall automatically become a lien upon the Lot(s) of the delinquent Owner, which lien shall be superior to all claims to such Lot except mortgages and delinquent real property tax, as well as an enforceable personal obligation of the Owner. The Association, or its successors and assigns, may upon failure of an Owner to pay any statement tendered by the Association, record notice of its claim of lien against any such Lot and thereafter pursue an action to foreclose said lien in any manner now or in the future permitted by law or equity. The Association may, in addition to, or instead of, foreclosure, obtain a personal judgment against the Owner. -10-