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Timberwood Village
Home Owners Association
Policy Resolution #
2002-01
Collection Policy
WHEREAS Article V of the Bylaws grant
the Board of Directors with the power to conduct Association business
and Section 13 of the Declaration of Protective Covenants, Reservations
Restrictions, Easements and Owners Maintenance Association of Timberwood
Village Subdivision grants the authority to levy assessments against
owners. Because the Association's Economic well being relies on the
timely payment of assessments and other allowable charges, it is the
Board's duty to use its best efforts to collect funds owed to the
Association,
LET IT BE RESOLVED THAT these
collection procedures shall be followed:
1. AMOUNTS PAYABLE TO THE ASSOCIATION
include, but are not limited to, regular assessments, special
assessments, covenant enforcement fees, repairs to the common area that
are an owner's responsibility, legal fees and other costs associated
with collection of funds on behalf of the Association.
2. PAYMENT SCHEDULE. The regular
assessment is payable by March 31st of each calendar year.
Fees not received or postmarked by March 31st will be
considered past due.
3. LATE FEES, NSF & INTEREST CHARGES.
● A late fee of $10 shall be
charged monthly on all delinquent balances.
● A $35 Non-Sufficient Funds
(NSF) charge will apply to any returned check.
● Any balance older than 30 days
will incur an interest charge of 12% per annum (calculated monthly)
until paid.
4. ORDER OF CREDITING PAYMENTS. Payments
received shall be first applied to late charges, interest or collection
expenses, and then to assessments owed.
5. PROCESS FOR DELINQUENCY NOTIFICATION.
For all balances that are thirty (30) days past due, the following
notification process applies:
● FIRST NOTICE. First Notice of
Past Due Charges including detail assessments, late fees, NSF charges,
interest and other charges that apply will be sent by First Class Mail
to an Owner whose balance is thirty (30) days past due.
● SECOND NOTICE. Second Notice of
Past Due Charges including detail of assessments, late fees, NSF
charges, interest and other charges that apply will be sent by First
Class Mail to an Owner whose balance is sixty (60) days past due.
● 10-DAY DEMAND. 10 Day Demand
for Payment including detail assessments, late fees, NSF charges,
interest and other charges that apply will be sent by First Class Mail
to an owner whose balance is ninety (90) days past due. This Notice will
recite intent to turn the matter over to an attorney for collection
enforcement if the balance is not paid within 10 days. Attorney actions
include but are not limited to filing a lien against the Owner's
property, a personal judgment against the owner and property
foreclosure.
6. LEGAL SERVICES. If a delinquent
account is referred to an attorney for collection, the owner shall be
charged the Association's reasonable attorney fees and related costs.
7. OTHER CHARGES. The Association may
charge the owner for:
● Fees charged to collect funds payable to the Association.
● Owner bankruptcy
● Foreclosure action or deed in lieu of foreclosure
● Notification, filing and satisfying liens
● Enforcement of the Association's Bylaws, Covenants or Policies
● Costs of litigation
● Repairs to the Association's common areas that result from the acts
of Owners, their Tenants or Guests.
Recorded in the Book of Minutes:
Signed: October 24, 2002
Revised due dates: December 6, 2002
Dawn Bridge
President, Board of Directors
Timberwood Village Home Owners Association
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