Delinquent Assessments

REV 2-1-03


Policy Regarding Collection of Delinquent Assessments

Silver Firs Phase II Homeowner’s Association (“Association”)

Delinquency Policy

Effective February 1, 2003



All Assessments shall be received in the office of the Management Company (“Agent”), Agent for the Association.  Annual Assessments shall be received on or before the thirty-first day of January, or the first business day thereafter. Annual Assessments received after the thirty-first day of January, or the first business day thereafter, shall be considered delinquent.  Special Assessments shall be received on or before the last business day of the month in which they are due.  Special Assessments received after the last business day of the month in which they are due shall be considered delinquent.

A thirty (30) day grace period will be granted to allow for mail and other unforeseen delays.  During the grace period, attempts will be made to contact the Lot owner (“Owner”) in person to notify them that the required payment has yet to be received.

On the thirtieth (30) day of delinquency, a late fee of Thirty Dollars ($30.00) will be assessed against the delinquent account by the Association, and a reminder letter (the “First Letter”) will be mailed to the last known address of the Owner stating that the account is in default, that the Association is attempting to collect a debt, that a late fee has been added to the account, and that owners disputing the validity of the debt must notify the Association in writing within 30 days.

On the Sixtieth (60) day of delinquency, and after mailing of the First Letter, a second Thirty Dollar ($30.00) late fee will be assessed against the delinquent account by the Association, and a ten (10) day demand letter (the “Second Letter”) will be mailed by certified and regular mail to the last known address of the Owner stating that the account must be brought current within ten (10) days, that the Association is attempting to collect a debt, that late fees have been added to the account, and that failure to remit payment in full to the Association will result in the placing of a lien against the delinquent Lot and the forwarding of the account to the Association’s counsel (“Attorney”) for collection.

On the Seventieth (70) day of delinquency, and after mailing of the First and Second letters, a Two Hundred Dollar ($200.00) lien filing fee and a Fifty Dollar ($50.00) legal handling fee will assessed against the delinquent account by the Association, a lien will be filed against the delinquent unit, and the delinquent account will be turned over to the Attorney for collection.

Once turned over to the Attorney, a monthly service fee of Thirty Dollars ($30.00) plus all direct costs of collection will be assessed against the delinquent account.  Owners shall communicate with the Attorney directly, and shall make all payments to the Attorney until they bring their account current unless the Owner, the Agent, and the Attorney agree otherwise in writing.  The Association will also decide with the consultation of the Attorney what further steps, if any, the Association needs to take to protect the community’s best interests.

Once the account is paid in full and current, liens will be released and the Lot account returned to current status within five business days.

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