a. The monthly condominium fee is due on the 1st of the month. However there is a grace period until the 15th of the month and a late fee will not be charged. However, if the current month's condo fee is not paid by the 15th of the current month, a $25 late fee will be charged compounded monthly until the condo fee is paid in full. Interest of 18% per annum will also be charged starting on the first day of the following month that the unit owner is in arrears. Example: The August condo fee is due on 8/1. The unit owner has until 8/15 to pay it and not be charged a late fee. If it is not received by 8/15, he/she will be charged a $25 late fee on 8/16 and interest will also be calculated.
b. A delinquent owner will be responsible for attorney's fees and costs incurred in collecting delinquent condo fees. A unit owner's account will be turned over to the Summerwood Attorney when 60 days past due.
c. Unit owners have no legal ability to withhold or offset against any lawfully imposed common area charges.
d. On or about the last grace period day, which is the 16th of the month, a reminder notice is sent.
e. If full payment is not received within 45 days, “Intent to File a Lien” is sent by certified mail. The unit owner will be charged a $15 certified letter fee.
f. If full payment is not received after 60 days, the account is referred to the Association's attorney to commence proceedings to file a civil suit in district court and to enforce a lien on the unit.
g. Once the account is in the attorney's hands, the delinquent owner becomes responsible for all collection costs, interest, postage, attorney's fees and any costs incurred by Summerwood Trust. These costs and fees are not cheap.
h. Once a lien is filed on the home, it becomes a matter of public record and can affect your credit. Additionally, the home cannot be sold until the lien is paid in full.
i. The attorney can also file in order to seek a judgment. Costs incurred including additional attorney's fees become the responsibility of the delinquent owner.
j. Once a judgment is received, the attorney can commence proceedings to foreclose upon the unit. All costs associated with the foreclosure are added to the account.