As you know, the effective and prompt collection of assessments is critical to the running of our association. Only through the collection of these assessments can we pay our important bills, like liability insurance, and maintain our association and it’s property values. With these facts in mind, effective immediately, the following is our assessment collection policy:
1. Effective July 1, 2002, Quarterly assessments in the amount of $300.00/unit/quarter, are due on the first day of each quarter. Special assessments are due according to the terms of the special assessments;
2. Assessments are delinquent 30 days after they are due and a late charge of 10% will be charged after 30 days. In addition, assessments delinquent by more than 30 days will bear interest at the rate of 10% per annum;
3. When assessments become delinquent by more than 70 days, a lien will be recorded against the owner’s unit. This lien will encumber the property and, very likely, prevent sale of the unit until all delinquencies and costs of collection are paid;
4. When assessments become delinquent by more than 105 days, a non-judicial foreclosure action will be commenced to enforce the lien. This procedure, also used by banks and savings & loans to collect on unpaid mortgages, takes approximately 111 days from inception to the foreclosure sale. You could lose ownership of your property if a foreclosure action is commenced. You will be responsible for significant additional costs and fees if a foreclosure action is commenced against your property;
5. Any owner who is unable to pay assessments will be entitled to make a written request for a payment plan to be considered by the Board of Directors.
We hope you will never be subject to the above procedures. We appreciate your cooperation and understanding regarding the critical importance of assessment collections.
