Homeowners Association dues must be paid each quarter. Delinquent payments will be dealt with as follows.
From the Homeowner’s Handbook:
1. All Association dues are assessed annually and shall be paid annually, semi-annually, or quarterly. All Association dues must be paid on the 1st day of each quarter (January 1, April 1, July 1 and October 1).
2. The by-laws of Water’s Edge Homeowners Association empowers the Board of Directors to take whatever legal action is necessary to collect past due fees and recover all other expenses incurred, including legal fees.
3. The following collection policy for owners that are delinquent in paying their Water’s Edge Homeowners Association dues and any fees that have been levied is designed to be easily understood by all parties and easily executable. The policy is a two stage collection effort.
a. Stage One: Any homeowner who is 15 days delinquent in paying the association dues and fees will be sent a letter from the Financial Agent reminding them of their financial responsibility. A “Late Notice” will be issued by the Financial Management Company and a fifty dollar ($50) late fee will be assessed with this billing. Use of the recreational facility will be denied per paragraph 7 following.
b. Stage Two: Any homeowner who has not paid all dues and fees to a current status after 45 days will be issued a “Final Notice” and be turned over to a collection attorney and will be subject to all collection fees, including a $250 administrative fee which will be assessed to cover the additional time and expense related to dealing with the delinquent account.
5. Should, for any reason, collection fail through Stage Two, then a mechanic’s lien will be placed upon the unit in the amount of the assessment for the entire year plus attorney fees and court costs. This action will be taken without further notice to the owner.
6. Use of any and all recreational facilities of Water’s Edge Homeowners Association will be denied to a unit owner who is delinquent in any payment due the association until the delinquency is cleared. Scan cards will be re-activated within 5 business days after the Board has been notified by the Management Company that the owner’s delinquent account has been satisfied.
7.At the beginning of the year, any homeowner involved in court proceedings for past due amounts will automatically be turned over to the Attorney to file with the Court and the entire annual amount of dues will be accelerated.