Late Fees and Collections
a) All assessment installments not paid by the last day of the month in which they become due shall be lateand a 10% (TEN PERCENT) late payment charge shall be added to the amount of the assessment. Anadditional late payment charge of $25.00 shall be levied at the end of each succeeding calendar month during which dues or late payment charges remain delinquent.
For example, assuming a $500 biannual payment: If you do not pay your $500 February dues by Feb 28 (or 29), then an additional 10% ($50) is added. If you have still not paid by March 31, another $25 is added, and you now owe $500 + $50 + $25. If you have still not paid by April 30, another $25 late fee is added, and so on.
b) A late notice may be sent to the Member for the first late installment, generally approximately 15 days after the due date (i.e. for February 15 dues, late notices will typically be sent around March 1).
However, such late notices are a courtesy, and the dues must be paid regardless of whether such a late notice is sent. No additional notices are required.
c) If payment in full, of all amounts due, is not received by the Association by the 120th day after a due date, the next payment shall be due and payable in full and the account shall be referred to the Association’s counsel. Counsel shall take legal action to collect the balance due, which, with prior approval of the Board, may include filing a civil suit against the delinquent Member and/or a lien may be filed against the delinquent Member’s property. All legal fees and costs incurred by the Association for this legal action shall be added to the Member’s assessment account.
d) The Board may grant a waiver of late fees, interest and/or legal fees and costs. A Member requesting such a waiver must send a request for a waiver to the Association at the address set forth in paragraph 5.
A unanimous vote of the Board is required to grant such relief, and such a vote shall be appropriately documented in the files with the conditions of the relief.
e) Payments received from a Member shall be credited in the following order:
i) Charges for attorneys' fees and court costs.
ii) All returned check charges, late fees, costs or penalties accrued, as applicable.
iii) The biannual and special Association assessments for each lot applied first to the oldest amount due.
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