Assessment Policy

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Association Policy on Payment of Annual Assessments

(As approved at the membership meeting on June 3, 2006)

1. All lot owners are required to keep the secretary of the association apprised of their current address so that they may be notified of association business.

2. Recommendations for lot assessments for the upcoming year are made by the Board at the June annual meeting and are changed or ratified by the membership present at the meeting. If no general meeting takes place, the Board’s recommendation will take affect.

3. Assessments for the upcoming year are paid in January of the year they apply. That is, the 2007 assessment, which is approved at the meeting in June 2006, is paid in January 2007.

4. In the December before the January assessment is due, the Board shall send a notice to members of the amount and where payments should be sent. Assessments not paid by February 1 are considered delinquent and, if not paid by
February 15 of that year, will be assessed the late fee of $5.00.

5. A final notice of assessments and late fees not paid by March 1 shall be made to the members still in arrears. The notice shall indicate that a lien shall be filed at the Hardy County courthouse on or about March 15 on the lot(s) for assessments and late fees not paid by that date.

6. On or about March 15, the association shall file liens on lots of members who have not paid. The lien will specify the amount of the assessment, the late fees due, an interest penalty of 10 percent per annum, and other costs that may be incurred by the association to collect the amounts due (such as, but limited to, legal, attorney, and filing fees).

7. Liens will be removed from the property once the property owner has paid all assessments, penalties, interest, and other costs that are due to the association.

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