Assessment payment

Ogden Falls Master Homeowners Association
Assessment payment and collection actions

1. Purpose of Assessments – (Excerpt from Declaration) “The assessments levied by the Association shall be exclusively for the purposes of promoting the recreation, health, safety, and welfare of members of the Association, to administer the affairs of the Association, to pay the community expenses for the upkeep and maintenance of the subdivision as well as accumulate reserves for any major capital projects or major repairs.”
2. Assessment Payment - Your monthly assessment payment is due at the management company on the first day of the month for the month of services rendered. If the assessment is not paid by the last day of the month a $10.00 late fee is charged as a late fee. This late fee will be charged on each payment that is received late and will accumulate as an outstanding charge to your account.
3. Reminder Notice – If your account becomes two months delinquent the management company will send you a reminder notice stating that your account is now two months delinquent and will be turned over for collection at 90 days. PLEASE PAY THIS BILL IMMEDIATELY TO AVOID ADDITIONAL LATE FEE’s or ACTIONS.
4. Remedies to bring your account current – If you are unable to bring your delinquent account current you have the option of requesting a payment plan from the Board through the management company to avoid further legal action on your property. The standard payment plan requires you to make current month assessment payment plus a minimum of 1/6^th of your entire accounts outstanding balance. Payment plans are set up through the management company and must be approved by the Board on a case by case basis.
5. Additional actions that may be taken on diliquant accounts – Any account that cannot be brought current using the above actions can be subject to a lien being put on the property or even foreclosure. The decision to pursue these actions will be made by the Board with the assistance of the Management Company and HOA lawyer on a case by case basis.               

In effect as of January 2018
OFMHOA Assessment standard