CLOISTERS WEST HOMEOWNERS ASSOCIATION, INC.
REGULATORY RESOLUTION NO. 1995-2
RULES AND REGULATIONS REGARDING
MAINTENANCE FEE COLLECTIONS
WHEREAS, Article IV of the Declaration of Covenants, Conditions and Restrictions (hereinafter "Declaration") details the obligation of homeowners to pay maintenance assessment fees to the Cloisters West Homeowners Association, Inc. (hereinafter "Association"); and
WHEREAS, Article II, Section 1(e) of the Declaration and Article VII, Sec. la, of the Bylaws of the Association grants the Board of Directors the power to adopt, amend and publish rules and regulations governing the use of the property and the conduct of the Association members therein; and
WHEREAS, Article VI Section 21 of the Declaration charges all Lot owners . . with compliance with the Declaration, Bylaws, Rules and Regulations (hereinafter “Governing Documents") of the Association as amended;
NOW, THEREFORE, IT IS HEREBY RESOLVED THAT the Board of Directors by this Act, the governing Documents and this resolution are hereby empowered to adopt, amend and publish rules and regulations regarding the Association's collection of the monthly maintenance fees and pursuant to said authority the following policy on monthly fee collections is hereby adopted:
All fees are due and payable to the Association property manager (hereinafter 'Management") on the first of each month without the mailing of monthly statements.
II. Late Fees And Notifications
A. On the fifteenth (15th) of each month any delinquent account shall have a late charge in the amount of $25.00 applied. The late charge shall accrue each month that the account remains delinquent.
B. All homeowners with a delinquent balance on their account shall be notified by Management, by first class mail sent to their last ]mown address.
C. The notification shall:
1) State that the account is delinquent.
2) Show the total amount due and what the account is comprised of
3) State that if the amount due is not received within ten (10) business days from the date of the notification, the account may be turned over to an attorney for collection.
III. Delinquencies Sixty (60) Days or More
A. If an account is delinquent for 60 days or more and the amount due is $150.00 or more, the homeowner will be sent a second late notice by Management. If not paid within seven (7) business days of the date of the notice, the account shall be turned over to the Association's attorney for collection.
B. Once an account has been turned over to the attorney,
1) The account will be accelerated requiring all association fees to be paid for the balance of the fiscal year.
2) All future communications must be with the attorney's office; not with Management or Board members.
3) Attorney's fees and costs, late charges and interest at the rate allowed by law shall be assessed to the account.
4) No personal checks or cash will be accepted by the attorney's office; only cashier's or certified checks or money orders.
5) If the delinquent amount due is $300.00 or more, the attorney will be instructed to file a lien against the property.
IV. Delinquencies Of Ninety (90) Days Or More
A. After an account is delinquent for 90 days or more and the amount due is $500.00 or more, the Board may instruct the attorney to take legal action against the homeowner.
A. All payments on the account shall be credited in the following priorities: (a) legal fees, (b) late fees, starting with the oldest outstanding, (c) interest, starting with the oldest applied, (d) Association fees and assessments, starting with the oldest fee or assessment.
A. Delinquent owners shall be liable to the Association for all costs of collections incurred as a result of the Association's effort to collect Association fees and assessments.
A. This resolution was passed unanimously by the Board of Directors at its' September 11, 1995 meeting and is effective as of October 1, 1995.
cc: Book of Minutes - 1995 Book of Resolutions - 1995