Delinquency Policy
The annual assessment for each unit is payable in twelve monthly
installments. These installments are due on the first
of each month and shall be delinquent if such installment is not paid in
full on or before the due date.
A late charge
in the amount of $30.00, or any other such amount as may be determined
by the board of Directors, will be automatically levied for any
installment of the annual assessment in default which is paid more than
ten (10) days after its due date.
Management
will issue a written notice to each co-owner with a delinquent balance
each month or until the delinquency is referred to the Association’s
legal counsel.
Co-owners who
have a balance for more than 90 days or who are delinquent in the
payment of three (3) or more installments of the annual assessment may
be referred to the Association’s legal counsel, who is authorized to
issue a notice of intent to record a lien demanding full payment within
thirty days from the date the notice is sent. In the
case of units occupied by renters, the Association’s legal counsel may
serve notice of the co-owner’s default in payment upon the renter to
tender rent payments directly to the Association until arrearage in
assessments is paid in full.
After the
initial notice of intent to record a lien has been sent and the notice
period has expired without payment in full, the Association’s legal
counsel is authorized to proceed to record a lien against the unit and
issue a notice thereof to the co-owner in default.
The notice may advise the co-owner that the remaining monthly
installments of the annual assessment have been accelerated and are due
and payable within ten (10) days from the date the notice is sent, along
with all other outstanding amounts owed to the Association.
In those instances where a renter has been served with notice of
the co-owner’s default in payment, and the renter has not tendered to
the Association payment of rents otherwise due to the co-owner in
default, then Association legal counsel is authorized to commence
eviction proceedings against the renter for non-payment.
The
Association’s legal counsel is authorized to perform a title search and
send a final notice prior to initiation of judicial foreclosure
proceedings to co-owners who have been sent the notice described in No.
5 above and who have failed to either pay the balance in full within the
allotted time or tender a signed written payment plan proposal for
consideration by the Board of Directors. Co-owners
who timely submit a proposed payment plan request will be notified in
writing of Board’s acceptance or rejection of the payment plan proposal.
The Board of Directors is not obliged to accept any proposed
payment plan. The final notice prior to foreclosure
shall state the amount that must be paid within ten (10) days from the
mailing of the notice in order to avoid initiation of judicial
foreclosure proceedings.
The
Association’s legal counsel is authorized to proceed to commence
judicial foreclosure proceedings against any co-owner who failed to pay
the full amount stated in the final notice prior to foreclosure within
ten (10) days as allotted in the notice unless the Board has accepted a
proposed payment plan.
The
Association’s legal counsel will pursue recovery of all unpaid
assessments, late charges, court costs and attorney fees as provided in
the Condominium Bylaws and under