Delinquency Policy

The Association’s Managing Agent shall keep complete records of all monies assessed to all co-owners. The Agent shall issue late notices for all payments not received within the established grace period which follows the established due date. The Agent shall promptly post late charges to the delinquent co-owner’s account in accordance with the Association’s documents or the amount established by the Board of Directors.

If any account becomes delinquent in the amount of two normal monthly assessments, or if any additional or special assessment becomes sixty days past due, the Agent shall fax an account ledger to the Association’s legal counsel. Legal counsel shall issue a notice of intent to record a lien demanding full payment of the account within seven days.

If three normal monthly assessments become delinquent, or if any additional or special assessment becomes delinquent by more than ninety days, the Association’s legal counsel shall proceed to record a lien and send a second demand letter. The agent shall provide legal counsel with an updated account ledger.

If any account reaches the point where six normal monthly assessments are delinquent, legal counsel shall proceed to issue a final notice prior to foreclosure and order a title search. The final notice shall advise the co-owner that foreclosure will commence unless payment is made within seven days after the date of the final notice. The Agent may not accept partial payment after the final notice has been issued and shall forward tendered payments to legal counsel for return to the delinquent co-owner.

Legal counsel shall separately line itemize on all statements rendered to the Association all services involving co-owner delinquencies including all expenses incurred in connection with such delinquencies. The agent shall promptly post the legal fees and costs to the delinquent co-owner’s account each month.

All requests for payoff statements as to delinquent accounts, which have proceeded beyond sixty days, shall be referred to the Association’s legal counsel who will coordinate with the Agent in the preparation of an account payoff statement letter.

In the event any additional or special assessment remains unpaid for a period of six months or more, legal counsel shall consult with the Agent and/or the Board of Directors with respect to the advisability of proceeding to file suit for foreclosure.

Individual Board members shall not entertain requests for payment arrangements from delinquent co-owners and all requests for payment plans or special consideration shall be made in writing by the delinquent co-owner and submitted for review by the Board of Directors at a regularly scheduled meeting. No director shall
personally contact any delinquent co-owner in any manner at any time to request payment of any amount owed to the Association.