Step 5B Hearing Requested: Further collection procedures are suspended until the hearing process is completed. The Board of Directors shall set a hearing date not later than 30 days after receipt of owner’s request for a hearing. Either party may request a postponement, which shall be granted for a period of not more than ten (10) days. Additional postponements may be granted by agreement of both parties. Further collection steps will be determined by the action of the Board of Directors.
The Association hereby establishes a Payment Plan schedule by which an owner may make partial payments to the Association for delinquent regular or special assessments, or any other amount owed to the Association without accruing additional
monetary penalties. Monetary penalties do not include interest or reasonable costs associated with administering the Payment Plan.
1. The term for the Payment Plan is six (6) months;
2. A Payment Plan shall require twenty percent (20%) of the delinquent amount
to be paid at the inception of the Payment Plan, with the balance being due a
payable in five (5) equal payments due on the first day of each month;
3. An Owner, upon written request, may request a longer period of time;
4. The Association is not required to honor the terms of a previous Payment Plan
during the two (2) years following an owner’s default under a previous
APPLICATION OF PAYMENTS
1. Except as provided in subsection 2 immediately below, a payment received by the Association shall be applied in the following order of priority:
a. Any delinquent assessment;
b. Any current assessment;
c. Attorney’s fees or third party collection costs incurred by the Association associated solely with assessments or other charge that can be the basis of foreclosure;
d. Attorney’s fees not subject to “c” above;
f. Any other amount owed to the Association;
2. If/when an owner defaults on a Payment Plan, payment(s) received by the Association shall be applied in the following order of priority:
b. Attorney fees;
d. Late Fees;
e. Delinquent assessments;
f. Current assessments
As to each category, payment shall be applied to the most-aged charge first. The acceptance of a partial payment on an owner’s account does not constitute a waiver of the Association’s right to collect the full outstanding balance due on said owner’s account.
An owner will be assessed a service charge for any check that is returned or Automatic Clearing House (ACH) debit that is not paid for any reason, including but not limited to Non-Sufficient Funds (NSF) or stop payment order. The amount of the service charge
assessed will be the customary amount charged.
APPROVED BY THE BOARD OF DIRECTORS
DATE: __November 3, 2011________