Fee Collection Policy

Consensus: 7 Apr 2002. Confirmed by the Board of Directors: 6 Jun 2005.

1. All fees are due and payable on the first of each month.

2. On the 15th day of each month all owners with a balance on their account, shall be notified, by the management company, by first class mail sent to their last known address. The notice shall show the total amount due and what the amount is comprised of. If the amount due is not received by the management company by the end of the month, a $25.00 late fee shall be applied to the account.

3. Any account with a balance of $100.00 or more after 45 days will be sent a second late notice by certified mail from the management company with a copy sent to the Board President. The unit owner should go to the Board to make payment arrangements if they are unable to pay the entire amount due. The Board President should put payment arrangements in writing and forward a copy of this arrangement to the management company.

If the amount due is not paid or an acceptable payment arrangement is not made within 30 days of the date of the second notice, the account shall be turned over to the Association’s attorney for collection.

Once an account has been turned over to the attorney for collection:

a) the account may be accelerated requiring all association fees to be paid for the balance of the fiscal year.

b) all communication from this point forward regarding the account must be with the attorney’s office, not with the management company or Board members.

c) Attorney’s fees and costs, late charges, and interest at the rate of 10% per annum shall be assessed to the account.

d) the attorney’s office will determine if they will require payments in the form of cashier checks, certified checks or money orders.

4. All payments on the account will be credited in the following order: legal fees, costs, interest, late charges, special assessments, and then regular assessments. Payments toward regular assessment will be credited to the oldest assessment first.

5. The attorney will be instructed to send a notice to the unit owner of their intent to file a lien. This notice will be sent by certified mail and first class mail. Costs of the service will be charged to the delinquent owner.

6. If the owner fails to remit full payment of the outstanding amounts due as reflected in the intent to file a lien within 30 days of such notice, a statement of lien shall be recorded against the owner’s property for the amount of the unpaid accelerated assessment, together with late fees, interest, attorney’s fees, collection costs and to the extent authorized by the bylaws, any and all unpaid charges and fines.

7. Additional collection actions may be authorized if acceptable payment arrangements are not made to bring the account current following the filing of a lien on the unit.

8. In the event an owner remits a payment which is not honored by his or her bank for any reason, the owner may be assessed a collection cost of $25.00. In addition, the association, or the management company, may require such an owner to remit subsequent payments in the form of a certified check or money order.