Policy for the Collection of Fees
COLLECTION POLICY OF THE BOARD OF DIRECTORS OF SWAN POINT AT LAKE ELKHORN CONDOMINIUM ASSOCIATION, INC.
(Procedures Relative to Assessments, Collection of Routine and Special Assessments as well as Delinquent Payments)
WHEREAS, Article IX of the Bylaws creates an assessment obligation for the owners of the units in Swan Point at Lake Elkhorn (hereinafter the "Condominium"), which is a continuing lien on the unit and a personal obligation of the owner(s);
Article IX of the Bylaws grants the Board of Directors and their Management Agent (Article 5, Section 4) the authority to collect and enforce payment of assessments. Any unit for which assessments are not paid within fifteen (15) days of the assessment due date will incur a $15 late fee. Additionally, any assessment shall bear an interest of 18% per annum.
1. Assessments. Each unit owner's annual assessment is due and payable in twelve (12) equal installments on or before the first day of each fiscal year, and on or before the first day of each of the succeeding eleven (11) months in the fiscal year.
Notices, documents and all correspondence relating to assessments shall be mailed to the address which appears on the books of the Condominium. It is each owner's responsibility to inform the managing agent or the Condominium of any address change or owner change.
2. Delinquency. An owner's account is delinquent if an assessment is not paid in full on the due date. All payments received are applied to the oldest balance first.
3. Late Fees. A late fee of Fifteen Dollars ($15.00), or such higher amount as provided by the Maryland Condominium Act, shall be assessed to an owner's account if full payment is not received within fifteen (15) days of an assessment's due date. No more than one (1) late fee per month shall be charged while the account is delinquent.
ALL ACCOUNTS THAT ARE 60 DAYS IN ARREARS MAY BE TURNED OVER TO THE ASSOCIATION'S ATTORNEY FOR COLLECTION. COLLECTION OF ANY DELINQUENT ACCOUNT WILL BE ACCELERATED FOR THE REMAINDER OF THE CURRENT FISCAL YEAR.
AFTER TURNOVER, THE MANAGEMENT COMPANY WILL FORWARD ANY PAYMENTS RECEIVED TO THE ATTORNEY AND ANY CALLS FROM THE OWNER WILL BE DIRECTED TO THE ATTORNEY.
AFTER TURNOVER, THE DELINQUENT ACCOUNT WILL ACCRUE ALL LEGAL FEES AND COSTS ASSOCIATED WITH ANY COLLECTION EFFORT MADE ON THE CONDOMINIUM'S BEHALF.