1. The annual assessment amount for the Fiscal Year (July to June) is approved by GVCA Board in May and published in the June Newsletter, with the first half due on July 1st of each year and the second half due on January 1st of the following year (“the due dates”). All other assessments are due on the first of the month following notice from the Association. A payment is considered late if not received before the 15th day after the due date (“the late date”).
2. An administrative late fee of $30.00 will be added the day after the late date on any balance of unpaid assessments. Second and subsequent administrative late fees of $35.00 will be added the first of each month on any balance of unpaid assessments. (Fees are subject to increase upon further notice.)
3. The Association will apply any partial payments on the unpaid balance in the following order:
A. Interest owed to the Association;
B. Administrative late fees or enforcement assessments;
C. Collection costs, attorney’s fees and paralegal fees the owner’s Association incurred in collecting the assessment; and, finally,
D. Oldest principal amounts the owner owes for common expenses charged to the account.
4. Any unpaid assessment may result in collection action, including letters, liens, updated liens, suits for money judgment, and foreclosure. Once judgment is obtained, the Association may proceed with post-judgment action, including bank attachment and wage garnishment. Any costs the Association incurs in the collection of unpaid assessments, including non-sufficient bank fees, attorney’s fees, recording costs, title reports, and court costs, will be charged back to the account.
5. Any costs the Association incurs due to the collection action of third parties such as filing answers, cross-claims, or court costs, will also be charged back to the account, even if there are no unpaid assessments owed to the Association.
6. While a foreclosure case is pending, partial payments may not be accepted unless, through a formalized payment plan or Receiver, approved by the Court.
7. If an owner is 15 days or more past due in the payment of any assessment, the Association may suspend privileges including the right to vote, the use of the amenities, or the ability to apply for architectural approval.
Approved 05/21/2019