200809656 - Laserfiche WebLink

Browse

f 200809656 pay the dues so established in advance upon receipt of written notice ofthe amount thereof from the Association. At the end of each Iiscal year, a statement of the total year's Association operating costs may be presented to Owners and the Owners shall pay any excess charge to the Association within thirty (30) days of receipt of a statement for that Owner's allocated share of excess charges. All such dues and assessments shaIl further be subject to the following provisions: (a) The Association at its annual meeting of Owners shall prepare, approve and make avai lable to each Owner a budget containing: (1) estimated revenue and expenses on an accrual basis; (2) the amount of any cash reserves of the Association currently available for services the Association provides and for contingencies; (3) an itemized estimate of the remaining life of, and the methods of funding to defray repair, replacement or additions to the improvements provided, maintained or instaIled by the Association; and (4) a general statement setting forth the procedures used by the Association in the calculation and establishment of reserves to defray the costs of repair, replacements or additions to the improvements provided, maintained or instaIled by the Association. (b) In addition to any amounts due or any other relief or remedy obtained against an Owner who is delinquent in the payment of any dues or assessments, each Owner agrees to pay such additional costs, fees, charges and expenditures ("Additional Charges") as the Association may incur or levy in the process of collecting each Owner's monies due and delinquent. All Additional Charges shall be included in any judgment in any action brought to enforce collection of delinquent dues or assessments. Additional Charges shall include, but not be limited to, the following: i. Reasonable attorney's fees and costs incurred in the event an attorney is employed to collect any dues, assessment or sum due, whether by suit or otherwise; ii. A late charge in an amount to be fixed by the Association to compensate the Association for additional collection costs incurred in the event any dues, assessment or other sum is not paid when due or within any "grace" period. The latc charge shall not exceed ten percent (10%) of the delinquent assessment or twenty dollars ($20), whichever is greater; m. the court; Costs of suit and court costs incurred as allowed by iv. Costs of filing notice of lien in the 0t11ce of the Register of Deeds; v. Interest on all dues and assessments at the rate of fourteen percent (14%) per annum, commencing thirty (30) days after the dues or assessments become due; and vi. Any other costs that the Association may incur in the process of collecting delinquent dues and assessments. (c) The dues and assessments shall be the personal obligation of the Owner who is the owner ofthe unit assessed at the time of the assessment and when shown of record shall be a lien upon the lot assessed. (d) The Association may create a schedule of fines for violation of Association rules and regulations which fine shall be treated and billed as a special assessment to the offending Owner's unit. 6