WHEREAS, The Creekside Meadows Community Association, Inc. ("Association") is responsible for the maintenance, improvement, repair, and operation of the residential community in Marion County, Indiana known as The Creekside Meadows Community Association Inc., including , but not limited to, the payment of insurance thereon, the cost of labor, equipment, material furnished with the respect to the common areas and
WHEREAS, by purchasing a home within the community, each owner covenanted and agreed to pay assessments to the Association for their pro rata share of the Association's common expenses; and
WHEREAS, there is a need to clarify and ratify orderly procedures now and previously in effect for the collection of assessments which remain unpaid past their due date since delinquent assessments pose a serious financial and administrative burden on the Association,
NOW, THEREFORE, BE IT RESOLVED that the duly elected Directors of the Association have adopted the following procedures, rules and regulations for the collection of assessments:
1. Assessments are due and payable in advance for each fiscal year semi-annually, with the due dates being the the 1st day of January and the 1st day of July. Collections shall be handled by the Association's property management company.
2. To be deemed timely, payments must be received (not just postmarked) by the due date at the office or P.O. Box of the Association.
3. A "Reminder Notice" shall be mailed to the owners who have not paid on or after the 30th day after the applicable due date.
4. Any payment or installment not received with in 30 days after the applicable due date shall result in a late charge, presently $50.00 , being added toe the delinquent owner's account for which the owner is responsible, which shall be deemed part of the indebtedness to the Association.
5. A second "Reminder Notice" shall be mailed to owners with delinquent balance on or shortly after such 60 days which shall include the late charge, giving the owner 6 days to pay the delinquent assessment and the late charge.
6. A "10 Day Demand Letter" shall be mailed by first class mail on or shortly after 6 days of the date of the Second Reminder Notice. This 10 Day Demand Letter shall advise the owner that unless payment in full is received with in 10 days of such notice , legal action may be taken. At which time the owner will be responsible for all attorneys fees, expenses, and court cost. All of the Association's collection cost and expenses, incurred, including a collection cost/administration fee to its property management company, which is presently $75.00, will be added to the account and shall be deemed to be a part of the indebtedness owed to the Association. The property manager's collection cost is to pay for the manager's additional time and expenses related to handling the delinquent account and dealing with the Association's attorney.
7. If an owner is still delinquent 10 days after the date of the 10 Day Demand Letter , the matter may be turned over to the Association's attorney with instructions to pursue the collection thereof in the manner recommended by the Association's attorney. Thereafter, all communications by the delinquent owner must be directed to the attorney.
8. Any payments received at any time for less than the full amount then due shall not be accepted as full payment.
9. Payment received will be applied in the following order: (1) attorneys fees, court cost and expenses incurred by the Association, (2) collection cost of the Association's property management company, (3) late charges, (4) charges incurred by the Association for "bounced" or "stopped payment" checks, then (5) outstanding assessments.
