The Lake Shore Community Association Delinquent Payment Policy
Effective 1 Oct 2004
- All payments are due within ten days of the first day of each month and are delinquent if not paid by the tenth day of each month.
- If payment is not received by the tenth day of each month, a late fee of 1.5% interest monthly or 18% annually shall be calculated on any delinquent amount.
- If the amount due has not been paid by the tenth day of the second month, a letter shall be sent to the homeowner requesting payment.
- If nothing has been paid by the tenth day of the third month, the aforementioned plus a recording fee of $160 shall be listed on a Statement of Assessment of Lien which shall be recorded at the Clerk of the County of Arapahoe.
- If nothing has been paid by the tenth day of the fourth month, the association may commence legal proceedings against the homeowner. The proceedings may be for a personal judgement, foreclosure, or both. Any litigation expenses associated with the delinquency shall be added to the delinquent amount.
The property manager shall make a reasonable effort to contact the homeowner to discuss the delinquency prior to filing a Statement of Assessment of Lien. Contact will be attempted based on the information the association has on file for the homeowner. It is the homeowner's responsibility to ensure this information is correct and current.
If a homeowner objects to the late fees or wishes to establish a payment plan, s/he must submit a letter to the board in order for the issue to be discussed at the board meeting.
If a homeowner wishes to discuss the delinquency at a board meeting, s/he should notify the property manager so the topic may be added to the meeting agenda. The discussion will take place during an executive session with only the board and the homeowner present.
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