Townhomes at Daniel’s Orchard POA, Inc. Board Resolution


Townhomes at Daniel’s Orchard POA, Inc.
COLLECTION POLICY

I. DEFINITIONS
OWNER: "Owner" means the owner of the fee simple title to a Lot and includes Declarant for so long as Declarant is the owner of the fee simple title to a Lot, but excluding those having such interest merely as security for the performance of any obligation and excluding purchasers under executory contracts of sale of a Lot.

MANAGEMENT COMPANY: The Property Management Company (i.e.; FirstService Residential) contracted by Townhomes at Daniel’s Orchard POA, Inc. to handle its business affairs.

II. CHARGES
A. Authority
The authority for Townhomes at Daniel’s Orchard POA, Inc. to assess late fees and penalties for late payment of assessments is granted under Article VI Section 6.01 of the Declaration for Townhomes at Daniel’s Orchard POA, Inc.

B. Late Charge
Any assessment not paid within thirty (30) days of its due date will incur a Late Charge of $15.00 payable to the Townhomes at Daniel’s Orchard POA, Inc. plus an Administrative Fee of $35.00, payable to the Management Company, is charged on any amount not paid within thirty (30) days of the due date.

C. Interest
1. Interest which shall be paid to the Townhomes at Daniel’s Orchard POA, Inc. is charged on such Assessment from the date it becomes due at a rate of eighteen percent (18%) per annum, compounded monthly, on the principal amount, including late charges

2. Townhomes at Daniel’s Orchard POA, Inc. Board of Directors, at its discretion and upon receipt of a written request from the Unit Owner, may waive the Late Charge. The fee will be waived only after the Board has received confirmation that the past due amount has been paid in full. The late charge will only be waived one time for any Unit Owner; any subsequent late charges incurred by that Unit owner will not be waived. Waiver of the Administrative Fee is left to the discretion of the Management Company.

III. COLLECTION POLICY

A. General Provisions:
1. All assessments shall be received by or before the due date. Payments received more than thirty (30) days after the due date will be assessed a Late Charge and Interest as described above.

2. A Unit Owner may stop the collection process at any time by paying his/her delinquent balance in full or upon an approved payment plan. The unit owner may contact the Management Company but the collection process will only stop with payment in full or by an approved payment plan.

3. Payment plans will be permitted only in cases of hardship, such as such as loss of employment, or if otherwise permitted by the Board. The periodic payments on a plan will be made by bank draft only. Owners paying according to a payment schedule will not be assessed penalty Late Charges by Townhomes at Daniel's Orchard POA, Inc. A non-refundable Administrative fee will also be charged for all approved Payment Plans.

4. All Payments received will be applied to any late charges, fines and/or fees owed on the account, before being posted toward any assessment balance. Collections and late fees will begin once balance is greater than $50.

B. STEP 1: Reminder Notice (D1)
It the account is delinquent thirty (30) days after the due date, the Management Company will send a reminder notice (D1) to the Unit Owner charging the Unit Owner’s account a $35 Administrative Fee in addition to applicable late fees.

C. STEP 2: Certified Letter (D2)
The Management Company will send a Certified Letter (D2) thirty (30) days after the D1 to a Unit Owner, charging the Unit Owner’s account a $50.00 Administrative Fee in addition to applicable late fees and interest charges.

D. STEP 3: Pre-Lien Notice (PLL)
Fifteen (15) days after the mailing of a Certified Letter (D2) to a Unit Owner, the Management Company will send a pre-lien notice to the Unit Owner. The pre-lien letter will inform the Unit Owner that they have fifteen (15) days to remit payment in full before incurring any attorney fees and/or costs, and charging the Unit Owner’s account a $35.00 Administrative Fee for the cost of collection in addition to applicable late fees.

E. STEP 4: Lien Request (LR)
1. If the outstanding balance of a delinquent account is not paid by the date specified on the Certified Letter (D2, as described in Step 2), a lien request is made to the Attorney. There is a $165.00 Administrative charge for the cost of collection charged to the Unit Owner’s account in addition to applicable late fees.

2. Once the account is turned over to the attorney, Management can no longer have contact with the Unit Owner. The Unit Owner must contact the attorney directly.

F. STEP 5: Lien Filing
The attorney files a lien on the property and writes a demand letter and copy of the lien to the Unit Owner, demanding payment in full within thirty (30) business days and advising that if payment is not made within the specified thirty (30) day period, foreclosure proceedings may begin. All costs incurred are the responsibility of the delinquent Unit Owner.

G. STEP 6: Foreclosure
Thirty (30) days after the lien is filed the Board of Directors can approve to begin proceedings to foreclose the lien. All costs incurred, including but not limited to the cost of collection are the responsibility of the Unit Owner. There is a $35.00 Administrative charge for the cost of collection charged to the Unit Owner’s account in addition to applicable late fees.

“FirstService Residential does not engage in the practice of law nor render legal advice, and makes no representation as to the legal sufficiency of the procedures set forth above. The Association should consult with an attorney experienced in homeowners association and debtor/creditor law, to ensure the legality of these procedures and compliance with state and federal laws.”

This is to certify that the foregoing resolution was adopted by the Board of Directors and is to become effective as of April 3, 2025 until such date as it may be modified, rescinded or revoked.

Developer Board President:   Date: April 3, 2025

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Document name: Townhomes at Daniel’s Orchard POA, Inc. Board Resolution
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September 11, 2024 2:39 pm EDTTownhomes at Daniel’s Orchard POA, Inc. Board Resolution Uploaded by Tanya Zealy - [email protected] IP 2601:742:202:42c0:28d0:40b:16cc:cba0
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