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This policy is adopted by the Board of Directors of the Hibiscus-by-the-Sea Condominium Association, Inc. in order to establish a consistent approach for collection of assessment fees in arrears.  The policy applies both to the monthly installments of annual fees (often referred to as the “condo fees”) and to the payments of any special assessments. The Board of Directors does not authorize any exceptions to this policy except by express approval of the Board at a properly convened Board meeting.   Note, that when a mortgagee forecloses on a unit, the foreclosure proceeding take precedent over the provisions of this policy.

All notices to unit owners specified in this policy shall be by means of certified, return-receipt U.S. mail. In cases in which the mortgagee files for foreclosure, the Association shall suspend the procedures otherwise established herein and instead file an answer in affirmative defense and follow the foreclosure case as an interested party.
This policy is adopted by the Board of Directors of the Hibiscus-by-the-Sea Condominium Association, Inc. in order to establish a consistent approach for collection of assessment fees in arrears.  The policy applies both to the monthly installments of annual fees (often referred to as the “condo fees”) and to the payments of any special assessments. The Board of Directors does not authorize any exceptions to this policy except by express approval of the Board at a properly convened Board meeting.   Note, that when a mortgagee forecloses on a unit, the foreclosure proceeding take precedent over the provisions of this policy.

 

All notices to unit owners specified in this policy shall be by means of certified, return-receipt U.S. mail. In cases in which the mortgagee files for foreclosure, the Association shall suspend the procedures otherwise established herein and instead file an answer in affirmative defense and follow the foreclosure case as an interested party.

 

DATE

ACTION

OWNER

Due Date

Effective January 1, 2014, monthly installments (condo fees) of each owner's annual assessment shall be due on the 1ST CALENDAR DAY OF EACH MONTH, or when that date does not fall on a business day, on the next business day following.  The due date of any special assessment shall be specified in the motion establishing the special assessment.

Unit Owner

Due date + 11 Days = LATE

Pursuant to Section 11.6 of the Declaration of Condominium, any payment not received within ten

(10) days from the due date will be considered delinquent and shall result in the imposition of a late fee equal to the greater of Twenty-five Dollars ($25) or five percent (5%) of the amount due and interest charges, compounded daily, as allowed by Florida Statute 718.  The Association's property manager shall send a notice in the form of a reminder letter to notify the unit owner of the delinquency of their account and the imposition of penalties.

Advantage Property Mgmt.

Due Date + 25 Days

If no payment or response to the initial collection letter, the Association's property manager shall promptly send a second notice, via certified mail, to the unit owner.  This second notice shall also specify that unless all payments and penalties are paid within another 10 days, the matter will be referred to the Association's attorney for further action.

Advantage Property Mgmt.

Due Date + 36 Days (approx.)

Association's property manager will send all information regarding the delinquent unit owner account to the Association's attorney.

Advantage Property Mgmt.

+ Attorney of Record