Beaverdam Division 2
Homeowners’ Association
Policy for Notification and Collection of Annual Assessments
The Assessment Period for the Association is the calendar year.
In accordance with Section 7.1 of the Declaration and Covenants, Conditions, Restrictions, Easements and Reservations for Beaverdam Division 2 (CC&Rs), the Board of Directors will notify each Lot Owner at least ten days in advance of each Assessment Period of the amount of assessment for that period.
Assessments will be due in a single annual payment.
Assessments are due by February 1 of each calendar year.
Payments not received by the Association by February 28 of any year will accrue late charges of $10.00 on March 1 of that year and additional late charges of $10.00 on the first day of each successive month until paid in full.
In addition to late fees, delinquent assessments will bear interest at the rate of 12 percent per annum.
In the event the Association by does not receive the assessment on any lot by April 1 of any year, the Association will notify the lot owner by mail that payment is delinquent and accruing late charges. No further notification will be made by the Board.
If payment in full of delinquent assessments is not received by the Association by the date of notification of the subsequent annual assessment, the notice of annual assessment will give notice of the delinquency and advise the homeowner of the Associations legal options with regard to collection. Legal action, at the discretion of the Board, may take the form of filing of a suit in small claims court, turning the delinquency over to a collection agency or filing of a lien against the property and, if necessary, foreclosing on such lien.
The Board of Directors will continue to monitor all delinquent accounts and will take legal action if determined appropriate.
This policy has been adopted by action of the Board of Directors on June 7, 2001 and is subject to change by subsequent action of the Board.