CLEAR SPRINGS PLACE ASSOCIATION
ASSESSMENT COLLECTION PROCEDURES FOR DELINQUENT OWNERS
The Declaration of Covenants, Conditions, and Restrictions filed for the benefit of the above stated Property which is recorded in the Property Records in Book 2219, Page 53 et seq., Deed Records of Collin County, Texas provides for a lien against the individual Lot located in the Property to secure the payments of assessments levied against the units for Common Expenses; and that such lien, when delinquent, may be enforced by suit, judgment, and foreclosure, along with all related interest, costs, and reasonable attorney’s fees.
The Board of Directors therefore notifies the Owners and Members of the Clear Spring Place Association that the following Collection Procedures become effective March 1, 2001, and will be applied to any outstanding delinquent balance from February 28, 2001 forward:
1. All Assessment payments are due on the first day of each month.
2. A Past Due Notice will be sent for any outstanding balance after the 15th day beyond the due date. $15.00 for Collection Fees will be assessed to the Residential Unit.
3. An Initial Collection Letter and unit analysis outlining the balance owed and intended collection steps to follow will be sent after the 30th day beyond the due date.
Interest shall accrue on any outstanding delinquent balance, until paid in full, at a rate of six percent (6%) per annum.
4. The delinquent account will be reported to a Credit Bureau after the 60th day beyond the due date. Related costs will be assessed to the Residential Unit.
Notification is sent to the Owner regarding the Credit Bureau report along with a Notice of Intent to file a lien if payment is not received in ten days.
5. A Title Search is performed to determine legal owner/ other encumbrances of property after the 75th day beyond the due date. Related costs will be assessed to the Residential Unit.
6. A Lien will be filed against the property after the completion of the Title Search approximately 90 days beyond the due date. Related costs will be assessed to the Residential Unit.
Notification is sent to the Owner of the filing of the Lien along with a Notice of Intent to forward the account to the Attorney to initiate the Foreclosure process if payment is not received in ten days.
OTHER COLLECTION REMEDIES - AT THE DISCRETION AND DIRECTION OF THE BOARD OF DIRECTORS:
A. The Board of Directors may elect to set-up a payment agreement.
B. The Board of Directors may elect to suspend voting privileges.
C. The Board of Directors may elect to proceed with Foreclosure.
D. The Board of Directors may elect to proceed with Small Claims Court prior to Foreclosure.