Assessment payment deadlines, penalties, late charges, and the enforcement and collection of arrearages.
[Effective May 1, 2007]
- Assessment payments are due on the first of each month and are late after the tenth of the month. No interest orAssessment payment deadlines; penalties: late charges; and the enforcement and collection of arrearages. [Effective May 1, 2007] 1. Assessment payments are due on the first of each month and are late after the tenth of the month. No interest or late charges will be imposed if assessments are paid in full within thirty (30) days after the due date.
- Assessments, or any part thereof, which are unpaid and more thanthirty (30) days past due incur a late payment penalty of $25 per month.
- An interest charge of 1% per month shall be imposed on all assessments that are more than thirty (30) days past due.
- Owners and mortgagees of any Units for which assessments, or any part thereof, are sixty (60) days or more past due shall be notified of the arrearage and the Association’s intent to file a lien against the Unit for which assessments are delinquent.
- The Association shall cause to be filed and recorded a lien against any Unit with assessment arrearages of ninety (90) days or more.
- The Association shall cause to be commenced a lien foreclosure or other collection action against the Unit and its owners when assessments are one hundred eighty {180) days or more past due.