Collection Policy
(effective
1.
Assessments may be paid in a single
payment on
January 1[*]
or they may be paid in two equal payments on January 1 and July 1.
Arbor Ridge Condominium
Bylaws provide for a 10-day grace period. [Article II, Section 2]
During the
grace period no late fees will be assessed.
2.
A late fee of $25 will be assessed,
each and
every month, beyond the grace period of ten (10) days. Assessments not
paid by
the close of business on January 10th (or the last business day
immediately
preceding the 10th) will incur a late fee. Thereafter, each month that
assessments (including all late and
legal fees)
are not paid in full, another $25 late fee will be assessed. If an
outstanding
balance of $100 or more remains for sixty (60) days, a formal
collection
process will be initiated and a lien warning will be mailed. A copy of the warning will be sent to
the Co-owner's
mortgagee, per the Bylaws.
3.
If full payment is not received
within ninety
(90) days of the original due date, a lien will be placed on the
Co-owner's
title. A copy of the lien will be sent to the delinquent Co-owner's
mortgagee,
per the Bylaws. Outstanding liens will incur an additional $100 monthly
assessment, plus the maximum allowable interest rate retroactive to the
first
missed due date, until the lien is satisfied.
4.
If full payment has not been
submitted within
180 days of the original due date, foreclosure proceedings on
the
delinquent unit will begin, per the Bylaws [Article II, Section 5].
5.
The Board of Directors will not
consider
exceptions to this policy.
[*] Where specific dates are mentioned, the deadline is on or before the close of business on the prior business day, if the date mentioned falls on a non-business day for the Association management.