THE UNIT OWNERS ASSOCIATION OF
FAIR LAKES CONDOMINIUM
ADMINISTRATIVE RESOLUTION ON THE COLLECTION OF MONTHLY
COMMON EXPENSE ASSESSMENTS
WHEREAS, Article VI of The Unit Owners Association of The Unit Owners Association of Fair Lakes Condominium (“By-Laws”) calls for the collection of monies from the Unit Owners to satisfy the operational expenses of the Condominium; and
WHEREAS, Article III, Section 2(b) of the By-Laws requires that each Unit Owner is to pay his or proportional share of the common expenses in twelve (12) equal monthly installments due on the first day of every month; and
WHEREAS, Article X, Section1(g) of the By-Laws provides for a late charge of not less than ten dollars ($10) per month for each monthly assessment which is not paid within fifteen (15) days after it is due; and
WHEREAS, Article VI, Section 4 of the By-Laws states that Board of Directors (“Board”) shall take prompt action to collect any assessments due from any Unit Owner which remain unpaid for more than thirty (30) days from the date due for payment thereof; and
WHEREAS, Article X, Section 1(f) of the By-Laws grants the Board the right to accelerate the payment of assessments and the right to recover attorney’s fees and costs; and
WHEREAS, Article X, Section 1(c) of the By-Laws provides that in any proceeding arising out of an alleged default by a Unit Owner, the prevailing party shall be entitled to recover the legal costs of collection, including reasonable attorney’s fees; and
NOW, THEREFORE, BE IT RESOLVED THAT the following stated policy of assessment collection shall be instituted by the Board of Directors of The Unit Owners Association of Fair Lakes Condominium:
1. THAT all monthly assessments are due on the first (1st) day of every month.
2. THAT any assessment not received by the Management Agent or direct deposit collection institution by the fifteenth (15th) day of the month shall be considered delinquent and the Unit Owner shall be automatically assessed a late charge of no less than ten dollars ($10) per month until the Unit Owners assessment account is paid current.
3. THAT the Management Agent will send out First Notice Reminders to any Unit Owner showing an outstanding balance as of the sixteenth (16th) day of the month. The Management Agent will send out Second Notice Delinquency Letters (Certified, Return Receipt Requested, with a copy sent regular mail) to any Unit Owner showing a balance in excess of $100.00 as of the last day of the month.
4. THAT any account with an outstanding balance equal to two (2) months of the Common Expense Assessment will be automatically referred to the Association’s attorney. Any action taken by the attorney may include automatic acceleration of the assessment fees for the remaining months of the fiscal year.
5. THAT the Association’s legal counsel is the legal representative and spokesperson of the Association in all matters pertinent to delinquent accounts and will take all actions necessary to collect the account in accordance with the Condominium Instruments and the Virginia Condominium Act.
6. THAT any delinquent account is subject, but not limited to, late fees, interest, acceleration, legal costs, and attorneys’ fees.
7. THAT this resolution supersedes all previous resolutions on assessment collections.
Duly adopted at a meeting of the Board of Directors held .
Motion by: Seconded by:
VOTE: YES NO ABSTAIN ABSENT
Resolution Effective: , 20 .