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Collection Policy |
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Administrative Resolution # 2000201 WHEREAS, Section 3.07 of the By-Laws of the Jamison Residential Condominium Association grants power to the Board of Directors to conduct Association business, and Section 5.03 of the Declaration and Section 5.04 of the By-Laws grants the authority to levy assessments against owners. And because the Association’s economic well-being relies on the timely payment of assessments and other allowable charges. And because it is the Board's duty to use its best efforts to collect funds owed to the Association, LET IT BE RESOLVED THAT these collection procedures shall be followed: 1. AMOUNTS PAYABLE TO THE ASSOCIATION include, but are not limited to, regular assessments, special assessments, rules enforcement fees, repairs to the common area that are an owner's responsibility, legal fees and other costs associated with collection of funds on behalf of the Association. 2. PAYMENT SCHEDULE. The regular assessment is due and payable in advance on the 1st of each month. Fees not received or postmarked by the 10th of the month will be considered past due and delinquent. 3. LATE FEES, NSF & INTEREST CHARGES. > A late fee of $20.00 shall be charged monthly on all delinquent balances. > A $25.00 NSF (Non-Sufficient Funds) charge will apply to any returned check. > Any balance older than 30 days will incur an interest charge of 1% per month until paid. 4. ORDER OF CREDITING PAYMENTS. Payments received shall be first applied to assessments owed, then to late charges, interest, or collection expenses. > FIRST NOTICE. First Notice of Past Due Charges including detail of assessments, late fees, NSF charges, interest and other charges that apply will be sent by First Class Mail to an owner whose balance is thirty (30) days past due. > SECOND NOTICE. Second Notice of Past Due Charges including detail of assessments, late fees, NSF charges, interest and other charges that apply will be sent by First Class Mail to an owner whose balance is sixty (60) days past due. > 10-DAY DEMAND. 10 Day Demand for Payment including detail of assessments, late fees, NSF charges and interest charges that apply will be sent by First Class Mail to an owner whose balance is seventy five (75) days past due. This Notice will recite intent to turn the matter over to an attorney for collection enforcement if balance is not paid within 15 days. Attorney actions include but not limited to filing a lien against the owner's property, a personal judgment against the owner and property foreclosure. After ninety (90) days past due, common utility services will be discontinued, and football parking privileges revoked. 6. LEGAL SERVICES. If a delinquent account is referred to an attorney for collection, the owner shall be charged the Association's reasonable attorney fees and related costs. 7. OTHER CHARGES. The Association may charge the owner for: > Fees charged by Property Manager to collect funds payable to the Association, > Owner bankruptcy, > Foreclosure action or deed in lieu of foreclosure, > Notification, filing and satisfying liens, > Enforcement of the Association's Rules, Bylaws, Declaration or Policies, > Costs of litigation > Repairs to the Association's common areas that result from the acts of owners, their tenants or guests. Recorded in the Book of Minutes: March, 2002 Michael G. Gates President - Board of Directors |