Kriewald Place

Kriewald Place Collection Policy

Collection Process

KRIEWALD PLACE ASSOCIATION, INC.
Adopted on the 12 day of May, 2009

COLLECTION POLICY

1. Notice to property owners in the Kriewald Place Association, Inc., of the annual assessment for a calendar year will be prepared and sent by first class mail by the Association’s management company on or before December 15th of the previous year. A copy of the Association’s collection policy will be included with such notice. Mailing of such notice is through the United States Postal Service to property owners at their most recent address on the records of the Association and property owners are responsible to promptly notify the Association of any change in mailing address and/or lot ownership.
ON OR BEFORE DECEMBER 15

2. The due date for payment in full of the annual assessment to property owners in the Kriewald Place Association, Inc., is January 1st each year OR 15 days after the date that a statement covering such assessment has been mailed to such owners, whichever occurs last (see 2nd paragraph, Article 19, Declaration of Covenants, Conditions & Restrictions for Kriewald Place Association, Inc.).
Earliest date is JANUARY 1

3. Interest at the rate of 10% per annum will begin to be charged and accrue from the due date for payment in full of the annual assessment to property owners on any unpaid assessment or part thereof (see 2nd paragraph, Article 19, Declaration).

4. One (1) month after the due date set out in paragraph 2 above, the Association’s management company will prepare and send to each property owner by first class mail a statement of account showing any unpaid balance of assessments, other charges owing and interest thereon.
Earliest date is FEBRUARY 1
INTEREST AT 10% FROM JANUARY 1 CHARGED

5. Two (2) months after the due date set out in paragraph 2 above, the Association’s management company will conduct a collection review of the account of each property owner showing an unpaid balance.

A collection review will include confirmation of lot ownership status using on-line county records together with an account and property file review. A charge of $20 for a collection review will be added to the account of the owner(s) of each lot for which such a review is completed.

On completion of such review, a statement of account showing the outstanding unpaid balance, including accrued interest and the collection review charge, will be prepared and sent by first class mail to each such property owner with a demand for immediate payment in full or satisfactory agreed arrangements for periodic payment.
Earliest date is MARCH 1
COLLECTION REVIEW CHARGE OF $20 ADDED
ADDITIONAL INTEREST ADDED
6. Three (3) months after the due date set out in paragraph 2 above, the Association’s management company will conduct a review and reconciliation of the account of each property owner with an outstanding unpaid balance.

A charge of $30 for an account review and reconciliation will be added to the account of the owner(s) of each lot for which such reconciliation is completed.

On completion of an account review and reconciliation, a courtesy collection letter describing the consequences of failing to pay the outstanding balance in full or negotiating satisfactory agreed arrangements for periodic payment thereof, will be prepared and sent by first class mail to each such property owner.
Earliest date is APRIL 1
ACCOUNT REVIEW & RECONCILIATION CHARGE OF $30 ADDED
ADDITIONAL INTEREST ADDED

7. Four (4) months from the due date set out in paragraph 2 above, the Association’s management company will conduct a final review of the account of each property owner with an outstanding unpaid balance preparatory to forwarding such account to the Association’s attorneys for collection action.

On completion of the final review, notice will be given by certified and first class mail to each such property owner that unless payment in full is received or satisfactory agreed arrangements for periodic payment thereof are made within twenty-one (21) days of the date of the letter, collection of the outstanding amounts will be forwarded without further notice to the Association’s attorneys and collection action will be taken by such attorneys. Please note that in addition to unpaid assessments, interest and existing collection charges, interest will continue to be charged and any and all collection costs incurred will be charged to and collected from the property owner, which may include but are not limited to the following fees and charges (please note that fee rates shown are current as of May 12, 2009, but are subject to revision without notice):

Attorneys’ demand letter stage $ 250
Attorneys’ lien stage 250 additional
Attorneys’ lawsuit stage 1,000 additional
Attorneys’ judgment stage 500 additional
Attorneys’ foreclosure stage 750 additional

together with filing fees, service costs, court costs, and out-of-pocket disbursements for expenditures such as postage, copying, long distance and fax charges, etc., and include a claim for foreclosure.
Earliest date is MAY 1
NOTICE OF INTENTION TO REFER TO ATTORNEYS GIVEN
INTEREST CONTINUES TO BE CHARGED
Earliest date is MAY 21
FILE REFERRED FOR ATTORNEY COLLECTION
INTEREST CONTINUES TO BE CHARGED
COSTS ADDED PER ATTORNEY/CLIENT AGREEMENT

THIS IS APPENDIX “A” TO THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS OF THE
KRIEWALD PLACE ASSOCIATION, INC., HELD ON MAY 12, 2009.