ASSESSMENT COLLECTION POLICY
Recorded as Instrument # 225512
The effective and prompt collection of assessments is critical to the running of our association and, in the event of special assessments, the payment of major expenses.
The following policy was adopted at a meeting of the board of Directors of the Pine Lakes Ranch Homeowners’ Association, inc. duly noticed and held on April 5, 1997, with regard to delinquent payment of assessments by Pine lake Ranch Homeowners’ Association members (“Association Member”)
Assessments are due as set forth by the Pine Lakes Ranch Board of Directors at the time of the assessment.
Assessments are delinquent on the 1st day after they are due. Delinquent assessments will bear interest at the rate of 1-1/2% per month (annual rate of 18%).
assessments become delinquent by more than 30 days, the Association
Member will receive a letter from the Pine Lakes Ranch Homeowners’
Board of Directors advising the Association Member of the delinquency and requesting immediate payment.
the assessments become delinquent by more than 70 days, a lien will
be recorded against the Association Member’s property pursuant
to Section 7.06
of the Declaration of Covenants, Conditions and Restrictions of Pine Lake Ranch. This lien will encumber the property and very likely prevent the sale of the property
until all delinquencies and costs of collection are paid. There will be a charge to the Association Member for preparation and recordation.
assessments become delinquent by more than 120 days, an action may
be commenced in the appropriate court to foreclose the lien and
collect the assessments.
In that event, the Association Member will be responsible not only for the principal and interest due on the assessment, together with the recording fee previously incurred,
but also for the costs of foreclosure, including the Association’s filing fees, service fees, title fees, and attorney’s fees. These costs can be very significant.
Furthermore, at the conclusion of the foreclosure action, the Association Member's interest in the property may be auctioned to the highest bidder to pay the judgment.
Any Association Member who is unable to pay assessments will be entitled to make a written request for a payment plan, prior to the 120-day deadline referred to in paragraph 5 above, for consideration by the Board of Directors.