Annually on January 1 – Maintenance Fee due date.

Annually on January 16 – All unpaid accounts will be invoiced a $25.00 Late Fee and interest will accrue from the due date at the rate of 1.5% per month (18% per annum), or the highest rate allowed by law, whichever is lower.

Annually on March 1 – All delinquent accounts will be placed in collections. A $15.00 lock-out fee will also be assessed. Interest continues accruing. An updated statement will be mailed including notice that the owner will not be permitted to make a reservation and the owner’s usage may be rented by the Association to offset costs.

Annually on April 1– All unpaid accounts will remain in collections and will be subject to credit reporting. Additional costs for the collection process will be added to the account. Collection fees (including legal fees and costs) are the owner’s responsibility to pay, in addition to the maintenance fees, late charges, and interest charges.

INTEREST AT THE RATE OF 1.5% (18% PER ANNUM) OR THE HIGHEST RATE ALLOWED BY LAW, WHICHEVER IS LOWER, IS APPLIED TO ALL DELINQUENT ACCOUNTS ON THE FIRST DAY OF EACH MONTH.

After an account is turned to a collection agency or law firm, owners must contact the collection agency or law firm with any account questions. Once an account is transferred to a law firm for collections, the fees and costs due can grow very quickly.

IF NOT RESOLVED, A FORECLOSURE LAWSUIT MAY BE FILED AGAINST THE OWNER WHICH CAN INCREASE THE FEES AND COSTS EVEN MORE QUICKLY.  THIS MAY RESULT IN A FORECLOSURE AS WELL AS A DEFICIENCY JUDGEMENT AGAINST THE OWNER.