No later than JAN-1, the property manager of the Association will send each homeowner a bill for the lot's homeowners’ association annual assessment. The assessment is due no later than JAN-31. Payment is due in full and no payment plans are available.

If the payment is not received by JAN-31, the unpaid assessment shall bear interest from JAN-31 at the rate of six (6) percent per year. The Association will send the first notice that explains that the assessment is delinquent and as of FEB-1, the unpaid assessment shall bear interest of 6% per year and a late fee of $5.00 has been added to recover some of the cost of sending the first notice.

If the assessment is not paid by FEB-28, on MAR-1 the Association will send a second notice that explains that the assessment is delinquent and as of FEB-1, the unpaid assessment shall bear interest from the due date at the rate of six (6) percent per year and that a second late fee of $5 has been added to recover some of the expense of sending the second notice.

If payment is not received by MAR-15, the Association will file a lien against the lot and it will be charged an $84.00 fee to do so. The Association will send a third notice that explains that the assessment is delinquent, the unpaid assessment shall bear interest from the due date at the rate of six (6) percent per year and that a third late fee of $5 has been added to recover some of the expense of sending the third notice, a lien has been filed against the lot with a fee of $84.00, and a copy of the lien.

Monthly reminder letters shall continue to be sent at a cost to the homeowner of $5 until the debt reaches an amount of $500.00. At that time, the account will be turned over to an attorney for collection and the lot will be liable for any charges imposed by the attorney to cover fees and costs charged to the Association. After this time, all correspondence, including payment, must be made through the Association’s attorney.

This policy shall be effective January 1, 2002 .

Calendar of Actions

Date	Action
JAN-1	Bill homeowners for annual assessment.
JAN-31	Assessment is due.
FEB-1	Begin charging 6% interest per year on unpaid assessment. Send first notice of delinquent assessment. Charge $5 to send this letter.
MAR-1	Send second notice of delinquent assessment. Charge $5 to send this letter.
MAR-15	File lien against lot and charge $84.00 fee. Send third notice of delinquent assessment. Charge $5 to send this letter.
MONTHLY	Send notices monthly. Charge $5 to send each letter.
When unpaid balance exceeds $500	Association will hire attorney for collection.

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