French Ridge Condominiums Collection policy

April, 2014

FRENCH RIDGE COLLECTION POLICY

Consistent with CRS 38-33.3-209.5, the Association hereby adopts responsible governance policies providing due process for the imposition of fines and procedure for collection of delinquent debts.

Regardless of prior Declarations, Amendments or bylaws to the contrary, the following rules will be binding.

1. Owners will be notified of the date of assessments to be paid and when they were considered delinquent. All assessments are due when billed and considered delinquent if not paid in 10 days after billed.

2. All past due accounts will be assessed a late payment fee of $20 and may also be assessed penalty interest of 1.5% per month if delinquent for more than 30 days.

3. Check for payment which are returned will be assessed an additional $20.

4. Owners who are determined by the Association to be in need of a special payment plan may apply and present a plan with desired results to the Association Board of Directors for approval. The BOD will respond to the owners within 15 days of the date presented. Any terms not met by the owners will automatically terminate this accepted plan and the Association will take all necessary legal and collections action.

a. The Association will provide the owners a full accounting before the account is turned over for collection.

b. The owner will be notified whether they qualify for a payment plan and recommend such a plan to the owner with instructions and contact information. The approved will be provided a maximum of six months to bring the account current.

c. The notice will include requirements for curing the delinquency whether through an approved plan or under normal collections status.

d. Payments received from a delinquent owner will be applied as follows:

i. Late fees

ii. Penalty interest

iii. Legal or collection fees

iv. Delinquent dues

v. Current dues

5. Should the owner fail to meet the required collection plan or being the delinquent dues current, the Association BOD will approve, through a resolution, any legal action required to bring the account current. The owner will be notified of the intended action, which could include foreclosure, if the dues exceed six months of monthly assessments, or civil legal action.

French Ridge Condominiums

Breckenridge Condominium & Vacation Rental HOA Association

French Ridge Condominiums Collection policy