FOX RIDGE HOMES ASSOCIATION, INC.
ANNUAL ASSESSMENT, BILLING AND COLLECTION POLICY
In accordance with the applicable provisions of the Declaration of Covenants, Easements & Restrictions and the By-Laws of the Fox Ridge Homes Association, Inc., the Board of Directors is authorized to approve an annual budget and also to fix the amount of the annual assessments to be paid by the owners of all lots, including the requirement that such assessments shall be paid in advance in a single installment.
The annual assessments are due on June 1st and are delinquent on June 15th after which a late fee may be charged amounting to 10% of the amount due and such delinquent accounts may also be charged interest on the amount due at a rate set by the Board of Directors.
The Board of Directors hereby establishes the following policy and standard operating procedures governing the annual assessment, billing and collection process for the organization and its billing agent.
Determination of Assessments
The Board of Directors shall meet in April each year to approve an annual budget and to establish the annual assessment rates.
Billing of Assessments
The Billing Agent will instruct the billing agent to prepare individual annual assessment invoices for homeowners and developers utilizing the annual assessment rates determined in the above step with a June 1st due date for payment.
The Billing Agent will incorporate the “Annual Assessment Invoice Payment Terms” in with the annual assessment invoice to the homeowner/developer.
Such annual assessment invoices, also accompanied by the official notice of annual meeting, including the meeting agenda, should be mailed on or before May 1st each year.
Collection of Assessments
The Billing Agent will receive and record all payments and deposit them directly into the Fox Ridge bank account. A detailed listing of assessments and other fees paid supporting each deposit will be provided to the Treasurer as they are made.
A late fee of 10% of the annual assessment amount will be added to each account with a delinquent assessment balance on June 16th. The ongoing, unpaid account balance including the late fee and the monthly statement charges shall also be assessed a monthly interest charge at a rate of 2% per month until such outstanding balances are paid in full.
Delinquent Account Balances
As specified on page 5 of Exhibit C – Declaration of Covenants, Easements, and Restrictions:
“Each assessment, together with interest thereon and costs of collection including reasonable attorney’s fees, shall be a charge and continuing lien upon the lot against which the assessment is made and shall also be the personal obligation of the owner of such lot at the time the assessment falls due.
If any assessment is not paid within 15 days of its due date, the Board of Directors may impose a late charge amounting to 10% of the payment so due, and also charge interest on the amount due at such rate as may be fixed by the Board of Directors, not to exceed the maximum rate of interest then permitted by law.
The Association may bring legal action against the owner personally obligated to pay the same or foreclose the lien against the property, and the costs of such proceedings including reasonable attorneys’ fees shall be added to the amount of such assessment’s late charges, if any, plus interest.”
The Billing Agent will prepare and send monthly statements to all delinquent accounts showing the unpaid assessments and other fees/charges plus 2% interest.
Any fees/charges paid by the Billing Agent or other third parties will be added to the monthly statements and will become the responsibility of the owner.
A monthly listing of all delinquent account balances will be prepared by the Billing Agent and forwarded to the Treasurer for periodic review with the Board of Directors.
In October each year, the Treasurer will authorize the Billing Agent to send formal notice of delinquency letters to all homeowners and developers having outstanding account balances along with a final demand for payment. These notice letters shall include a warning that failure to pay their entire balance will result in filing of a lien in the public records of Ontario County on their property for non-payment.
In November each year, the Board of Directors will authorize the Billing Agent to file formal liens against the properties that have not paid their annual assessments, plus any late fees, monthly statement charges, interest charges, applicable lien filing fees, and attorney fees, if applicable.
Please remember, if you have any questions or concerns about the status of your account, you should immediately call the Accounting Department at Crofton Associates, inc., our property management company at 585-248-3840.
(Policy Approved by Fox Ridge Homes Association Board of Directors in April 2014, edited June 13, 2017.)