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Fee Collection Policy
1. ALL fees are due and payable on the first day of each month.
2. After the close of business on the tenth (10th) day of the month, any delinquent balance shall have a late fee in the amount of $25.00 applied.
3. On the last day of the month, any delinquent balance shall have an addition late fee in the amount of $25.00 applied.
4. On the first day of each month, all owners with a balance on their account from the previous month shall be notified, by Management, by first class mail sent to their last known address. The notice shall show the total amount due, what the amount is comprised of, and shall state that if not received by management within ten (10) days further action will be taken.
4. Any account with a balance of $100.00 or more after forty-five (45) days will be sent a second late notice from management. If not paid within ten (10) days of the date of that 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 will be accelerated requiring all association fees to be paid for the balance of the fiscal year.
b) ii communication from this point forward must be with the attorney’s office, not with management or Board members.
c) Attorney’s fees and costs, late charges, and interest at the maximum allowed by law 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.
5. All payments on the account will be credited in the following order: a portion to legal fees, costs, interest, late charges, special assessments and then regular assessments. All payments will first be credited against the oldest outstanding balances.
6. The attorney will be instructed to file a lien against the home\lot and to file suit against the home\lot owner (this will protect the Association by taking action against the property and the person).
Signed by: _______________________________ Date: ____________
President, The Lauren, A Condominium Board of Directors