If an assessment is delinquent, the association may recover all of the following:

1. Reasonable costs incurred in collecting the delinquent assessment, including reasonable attorney fees;
   
   
2. A late charge not exceeding 10 percent of the delinquent assessment or $10, whichever is greater, unless the declaration specifies a late charge in a smaller amount, in which case any late charge imposed may not exceed the amount specified in the declaration;
   
   
3. Interest on all sums imposed, including the delinquent assessments, reasonable fees and costs of collection, and reasonable attorney's fees, at an annual interest rate not to exceed 12 percent, commencing 30 days after the assessment becomes due, unless the declaration specifies the recovery of interest at a rate of a lesser amount, in which case the lesser amount shall apply.

A regular or special assessment and any late charges, reasonable costs of collection, and interest is a debt of the owner of the separate interest at the time the assessment or other sums are levied. When an assessment is unpaid, the owners association may elect either to impose a lien on the separate interest of the delinquent lot or unit owner.

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