(a) All sums assessed by the association of owners but unpaid for the share of the common expenses chargeable to any apartment or site shall constitute a lien on that apartment or site prior to all other liens except only (i) tax liens on the apartment or site in favor of any assessing unit and special district, (ii) all sums unpaid on a first mortgage of record, and (iii) mechanic's liens. The lien may be foreclosed by suit by the manager or board of directors, acting on behalf of the apartment or site owners, in like manner as a mortgage on real property. In any foreclosure the apartment or site owner shall be required to pay a reasonable rental for the apartment or site, if so provided in the bylaws, and the plaintiff shall be entitled to the appointment of a receiver to collect it. The manager or board of directors, acting on behalf of the apartment or site owners, may, unless prohibited by the declaration, bid on the apartment or site at foreclosure sale, and acquire and hold, lease, mortgage and convey the same. Suit to recover a money judgment for unpaid common expenses shall be maintainable without foreclosing or waiving the lien securing the same.

(b) Where the mortgagee of a first mortgage of record or other purchaser of an apartment or site obtains title to the apartment or site as a result of foreclosure of the first mortgage, the acquirer of title, his or her successors and assigns, shall not be liable for the share of the common expenses or assessments by the association of owners chargeable to the mortgagor which became due before the acquisition of title to the apartment or site by the acquirer. The unpaid share of common expenses or assessments shall be considered common expenses collectible from all of the apartment or site owners including the acquirer, his or her successors and assigns. (Added 1967, No. 228 (Adj. Sess.), § 23, eff. Jan. 23, 1968; amended 1993, No. 97, § 2.)