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Monthly Assessment Payment Policy |
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Monthly Assessment Payment Policy |
KINGSTOWNE RESIDENTIAL OWNERS CORPORATION
ADMINISTRATION RESOLUTION NO. 1-08
(Homeowners Fee Policy)
WHEREAS, each owner of a dwelling within the community is legally obligated by the Declaration to pay the Corporation such annual and special assessments levied by the Board of Trustees; and
WHEREAS, the Board of Trustees believes it is necessary to lawfully adopt orderly procedures for the billing and collection of the annual and special assessments levied by the Board and to publish such procedures to the owners.
NOW, THEREFORE, BE IT RESOLVED that the following homeowners fee policy is duly adopted by the Board of Trustees:
1. The annual assessment levied by the Board may be paid by owners in monthly installments. The due date for each monthly installment is the 1st day of each month. The grace period for payment shall be until the 10th day of each month.
2. The Corporation shall annually notify each owner of the amount of the monthly assessment; however, each owner is responsible to pay the monthly assessment regardless of whether a coupon booklet is received. Questions regarding assessments may be directed to the on-site office at (703) 922-9477 or to the Association’s Managing Agent.
3. Owners must make payment to “KROC” and direct the payment to the Corporation’s Managing Agent.
4. If an owner fails to pay the Corporation any monthly installment before the end of the grace period, the account shall be deemed delinquent and a late fee of $15.00 shall be automatically added to the account. A late fee may be imposed not more than once on the same delinquent assessment. No late fees will accrue upon late fees. The Corporation must receive the payment on or before the day of the month in order for an owner to avoid the late fee.
5. The Managing Agent shall send a reminder notice to any owner whose account is delinquent.
6. If an account balance (assessments and/or late fees) is $100 or more, the Managing Agent shall send a second late notice (demand letter) to the owner by certified mail. The owner shall be charged a $15.00 administrative fee to cover the expenses of the Corporation incurred in connection with the second late notice.
7. The second late notice shall warn the owner of the requirement to pay the unpaid balance within 30 days from the date of the second notice; otherwise:
a. the entire balance of the annual assessment shall be accelerated and declared due in full;
b. all rights, privileges, and benefits of membership shall be automatically suspended until payment in full is made; such suspension may include denial of parking and recreational facility privileges; and
c. the account shall be referred to legal counsel for immediate legal action.
8. Nothing herein shall prevent the Managing Agent or Board from referring a delinquent account to counsel at any time deemed appropriate. The entire balance of the annual assessment shall be accelerated and declared due in full upon referral of the account to counsel.
9. Legal counsel for the Corporation shall immediately initiate legal measures to collect all delinquent accounts referred by the Managing Agent. Collection procedures pursued by legal counsel shall be as generally directed by the Board of Trustees. All legal fees and court costs incurred by the Corporation for collection services shall be charged to the owner.
10. If the Corporation receives a check from an owner which fails to clear the owner’s personal banking account, the Corporation may charge the owner an administrative fee of $25.00 to cover the charges incurred by the Corporation.
11. Payments received by the Corporation from owners shall be credited in the following order of priority, as applicable:
a. any fees, charges or costs of collection;
b. any other charges or sums due the Corporation from the owner or anyone for whom the owner is responsible.
c. the monthly assessments for the dwelling, including special assessments due, as applicable;
12. The Board shall authorize a member of the Board or management to approve payment plans and settle accounts. Such authority shall be noted in the minutes of the Board and may be changed from time to time by the Board.
13. The Board may change the amount of any charge listed herein without promulgating a new resolution. Any such decision to change the amount of a charge shall be made at a duly convened meeting and recorded in the minutes.
14. All collection activities will be conducted in accordance with the Fair Debt Collection Act.
This Resolution shall supersede Administrative Resolution No. I, Homeowners Fee Policy adopted November 2, 1993
EFFECTIVE DATE OF RESOLUTION
The Effective date of this Resolution shall be________________________.
I hereby certify that this Administration Resolution was duly adopted by the Board of
Trustees at a regular meeting on __________________.
KINGSTOWNE RESIDENTIAL OWNERS CORPORATION
By: ____________________________
Kathleen Snyder, President
Other Assessment Related Pages:
Assessments (General Information)