| 1. |
Each homeowner (hereinafter called MEMBER) within Summit Village is a member of the Summit Village Homeowners Association (hereinafter called ASSOCIATION). Each member is required to pay annual dues which are set by the board of Directors (hereinafter called the BOARD) in accordance with Summit Village Covenants, Conditions, and Restrictions (hereinafter called the CC&R's). One half of the annual dues is added to each MEMBER's statement and mailed on the first of January and July of each year. In addition, other charges for such items as additional parking permits, additional trash removal, special contract snow removal, special repairs, etc. may be added to the statements as required and authorized in the CC&R's. Statements are mailed only to those homeowners who have a balance due to the association. Statements with a credit or zero balance are not mailed. Dues are billed semi-annually (January 1 and July 1) and statements are mailed on or about those dates. The entire balance on the statement is due and payable immediately. |
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| 2. |
If payment is not received by February 1 (August 1), a second statement is mailed with a past due notice. A 1.5% monthly late fee will begin accumulating on February 1. |
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| 3. |
If full payment is not received by March 1 (September 1), another statement will be mailed. This will include the following: |
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| a. |
1.5% interest on the past due amount will have been added to the statement. |
| b. |
An additional $10.00 late fee plus a $25.00 administration fee for the processing of the notice of intent to lien will be added. |
| c. |
A formal Notice of Intent to Lien will be included with the statement. |
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| 4. |
If full payment is not received by April 1 (October 1), another statement will be mailed which will include the following: |
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| a. |
Another 1.5% interest on the past due amount will have been added to the statement. |
| b. |
A $35.00 Lien Filing Fee will be added to the statement. |
| c. |
A notarized copy of the Lien Document will be enclosed with the statement. |
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Two statements are mailed to the MEMBER; onve via normal U.S. Mail, and one via Certified Mail. |
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| 5. |
If full payment is not received by May 1 (November 1), another statement will be mailed with the following: |
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| a. |
Another 1.5% interest on the past due amount will have been added to the statement |
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The Association Manager will attempt to contact the MEMBER by phone and warn him of the possibility of foreclosure action. |
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| 6. |
If full payment is not received by May 15 (November 15), the Association Manager will record the lien. |
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| 7. |
Foreclosure action will be initiated if: |
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| a. |
Another 15% interest on the past due amount will have been added to the statement. |
| b. |
The past due amount exceeds $500.00. |
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If required, foreclosure action will be initiated by the Association Manager only. |
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| This policy was adopted by unanimous vote at the regularly scheduled Summit Village Board of Directors Meeting on October 21, 1991. |
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