Reminder Notice: a Reminder Notice is to be issued on the 15th or 1st Business Day Thereafter for the month when payment is due, giving the homeowner(s) 30 Days to pay the outstanding balance.

Final Demand: Upon expiration of Reminder Notice, a Final Demand will be issued. Expires 30 days from date of issuance.

Collection Agency Action: Upon expiration of the Final Demand the file is transferred to Collection Agency to initiate collection actions. All  communications shall be through the Collection Agency from this point forward.

Assessment Frequency: Monthly
Interest Rate: 18%
Interest Assessed: 15th or 1st Business Day Thereafter
Late Fees: Greater of $25.00 or 5% of Assessment
Late Fee Assessed: 15th or 1st Business Day Thereafter