Chesterfield Farms and Estates
Chesterfield Farms and Estates
Chesterfield Farms and Estates
Chesterfield Farms and Estates
Chesterfield Farms and Estates
Chesterfield Farms and Estates
Chesterfield Farms and Estates
Chesterfield Farms and Estates
Chesterfield Farms and Estates
Chesterfield Farms and Estates
Chesterfield Farms and Estates
Chesterfield Farms and Estates
Chesterfield Farms and Estates
Chesterfield Farms and Estates
Chesterfield Farms and Estates
Chesterfield Farms and Estates
Chesterfield Farms and Estates
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This page of the Indenture was Last Viewed on Oct 16, 2018.
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6. Prorations. Should a Lot become subject to assessments after January 1 in any year, and should an annual or special assessment have been levied for that year, then such assessment shall be adjusted so that such Lot shall be charged with a portion of the assessment prorated for the balance of that year.

7. Interest and Liens. All assessments shall bear interest at the rate of one percent (1%) over the from time-to-time floating rate of prime interest charged by Mercantile Bank of St. Louis, N.A., St. Louis, Missouri, to its best and. most creditworthy customers from the date of delinquency, and such assessment, together with interest and costs of collection, shall constitute a lien upon the Lot against which it is assessed until the amount, together with interest and charges, is fully paid. As an assessment becomes delinquent, the Trustees may execute and acknowledge an instrument reciting the levy of the assessment and cause the same to be recorded in the Recorder's Office of St. Louis County, Missouri, and thereafter institute any appropriate legal action to enforce such lien. Should an Owner pay an assessment after the recording of a notice thereof, as herein provided, the Trustees shall cause to be executed and recorded (at the expense of the Owner of the affected Lot) a release of said lien.

The lien of the assessments provided for herein shall be subordinate to the lien of any institutional (bank, savings and loan association, pension or retirement fund, insurance company or federally insured mortgage) first mortgage now or hereafter placed upon any Lot with respect to which assessments have become due and payable prior to a sale or transfer of such Lot pursuant to foreclosure or transfer in lieu of foreclosure. Such sale or transfer shall not relieve such Lot from liability for any assessments thereafter becoming due, nor fr9m the lien of any such subsequent assessment. As used herein, the term 'mortgage' or 'mortgages' shall include deed or deeds of trust.

8. Exemptions. The following properties subject to this Indenture shall be exempt from the assessments, charges and liens created herein:

(i) All Common Property;

(ii) All properties exempted from taxation under the laws of the State of Missouri; and

(iii) All Lots owned by First Party until occupied or until title to the Lot has been transferred to the first purchaser thereof at retail (as distinguished from sales in bulk or at wholesale to others for development or resale). No Lot devoted to residential use shall be exempt from assessment hereunder.

9. Keeping of Funds. The Trustees shall deposit the funds coming into their hands as Trustees in a bank protected by the Federal Deposit Insurance Corporation or in a savings and loan association protected by the Federal Savings and Loan Insurance Corporation, the treasurer being bonded for the proper performance of his duties in an amount fixed by the Trustees.

 

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