BOARD OF DIRECTORS RESOLUTION FOR
COLLECTION OF
ASSESSMENTS
DREAMS
LANDING CONDOMINIUM
WHEREAS,
Article V of the Bylaws of
DREAMS LANDING CONDOMINIUM, recorded among the Land Records of
Anne Arundel County on June 26, 1975 in Book 2767, pages 45 et seq. and as from to time to time
thereafter amended, established various covenants, restrictions and
requirements relating to the failure of Unit Owners (“Owner” or “Owners”) of
the Condominium to pay assessments, and the powers and responsibilities of the
Board of Directors in response thereto, and
WHEREAS,
pursuant to the aforesaid Article and pertinent provisions of the Maryland
Condominium Act (title 11, Md. Real Prop. Code Ann.), the Board of Directors of
DREAMS LANDING CONDOMINIUM deems it proper to adopt this collection policy.
Such policy shall serve only as a guideline and non-compliance or deviation by
the Condominium, its Board of Directors, or its attorneys, shall not excuse
payment of assessments or related when due and as charged.
NOW,
THEREFORE, the Board of Directors of DREAMS LANDING CONDOMINIUM hereby adopts,
this 24 day of September, 2002, the following collection policy:
1. DUE
DATE: Assessments levied pursuant to
the recorded covenants shall be payable in advance in twelve equal
installments, along with other related monthly fees, on the first day of each
month. The privilege to pay the annual
assessment in installments will be terminated if the assessments are not paid
in a timely manner.
2. DUE
DATE: Any special assessment levied
pursuant to the recorded covenants shall be due and payable as provided by the
Board of Directors.
3. INTEREST:
Any assessment levied pursuant to the recorded covenants, or any installment
thereof, which is not paid within 30 days after it is due, shall bear interest
from the due date at eighteen percent (18%)
per annum (or the maximum amount permitted under the Maryland Condominium Act,
whichever if greater)
4. LATE
FEE: A late fee of 10% of the amount of the delinquent assessment will be
imposed if not paid within 15 days
of the date due.
5. NOTICE:
The managing agent may mail a "reminder"
notice to any Owner who fails to pay a duly levied assessment, or any
installment thereof, within seventeen
(17) days of its due date. The
notice shall be sent to the Owner whose name appears on the books of the
Condominium, and shall be mailed to that Owner's address last appearing on the
books of the Condominium. Said notice
shall advise the owner that a late fee has been incurred and request prompt
payment. The managing agent may mail a
warning notice to any Owner who fails to respond to the late reminder
notice. Said warning notice shall advise
the Owner that if the delinquent assessment is not paid in full within 15 days,
the account will be referred to the Condominium's attorney for collection. Failure to send either of these notices shall
not relieve the Unit Owner of the obligation to pay the delinquent assessment
nor bar the Condominium from any of the fees, charges or
remedies to which it is entitled pursuant to
the recorded covenants, this Collection Policy or other applicable law with
respect to the collection of delinquent assessments.
6. REFERRAL TO ATTORNEY: Any assessment levied
pursuant to the recorded covenants or any installment thereof, which is not
paid within 45 days of its due date may be referred
for collection to the Condominium's attorney.
Once an account is forwarded to the attorney for collection, all contact
must be through the attorney’s office, and all costs, including but not limited
to title abstract, postage and copy costs, and attorneys’ fees incurred will be
assessed to the delinquent Owner’s account.
7. LIEN AND ACCELERATION: The attorney shall
send a notice to each delinquent Owner notifying of the Condominium's intent to
impose a lien for any assessment or installment thereof levied pursuant to the
recorded covenants which is not paid within 30 days in accordance with the laws
of the State of
8. PERSONAL LIABILITY AND FORECLOSURE: Subject
to all requirements set forth in the recorded covenants and established by
applicable law, the Condominium shall bring an action at law against the Owner
personally obligated to pay the assessment and/or foreclose on the lien against
the unit to which the assessment has been levied.
9. INTEREST, COSTS and ATTORNEYS’ FEES:
Interest, costs and attorneys’ fees shall in all cases be added to the amount
of each delinquent assessment and become part of the continuing lien and a
personal obligation of the Owner who owns the unit subject to the assessment
when said assessment became due.
10. PARTIAL PAYMENTS: Unrestricted partial
payments may be accepted, but only payment in full will stop collection
proceedings, unless the Board of Directors, or its attorneys, expressly agree in writing.
Unless otherwise specifically agreed in writing unrestricted partial payments will be
applied in the order first to last as follows:
1) attorneys' fees, 2) collection
costs, 3) interest charges, 4) late fees,
5) other properly assessed fees and charges, 6) principal arrearage, and 7) current principal due.
11. BOUNCED CHECKS: If the Condominium receives
from any Owner, in any fiscal year, a check tendered for payment of amounts
due, which is returned as unpaid by the Owner's bank, the Board of Directors or
its attorneys may require that Owner to make payments for the remainder of the
term of the delinquency or that fiscal year by cash or the equivalent A handling fee of twenty-five dollars
($25.00) will be assessed for any personal check returned unpaid by the bank.
This procedure was duly approved by a
majority of the Board of Directors. It is effective November 1, 2002, and
published to Owners on October 7, 2002.
ATTEST: DREAMS
LANDING CONDOMINIUM
______________________ BY:
____________________________________
Secretary President 10206.001/072102