Four Lakes Landowners Association Collection Policy

1. The due date for all dues and assessments, unless otherwise voted by the general membership, shall be the last day of that billing quarter. The Board of Trustees may modify the due date for special assessments.

2. Past due items shall incur interest at 12% per year, compounded.

3. Billing for accounts which are one (1) quarter past due, will have a note included explaining the account is past due and interest charges have been added and will continue to accrue until the account is brought current.

4. Billing for accounts which are two (2) quarters past due will have a note included pointing out that the account is seriously past due, requesting payment within the next 30 days.

5. The Treasurer will maintain a log of past due accounts and the notices that have been sent.

6. Accounts three (3) quarters past due shall have a notice included with their billing that the account is now ten (10) months past due and include a note stating; “We have not heard from you as we requested last quarter.  You must pay the total amount due immediately or work out a payment plan with us.  “If we do not have resolution of this matter within the next 30 days we will be forced to have our attorney file a lien against your property.  You will be held responsible not only for the past due Association dues but also all attorney and filing fees.  That is a drastic action and one we do not want to be forced to take.  Please respond immediately.”

7. When an account becomes 4 quarters past due it shall have a lien filled on the title to their property with King County. This action will be performed by the Association’s attorney, with all costs for the attorney added to the lien. Interest will continue to accrue.

8. The final step is to force the sale of the property as stated in Article XIV, Section 10 of the By Laws. Such action would require approval by a simple majority of the homeowners casting ballots. Such a ballot will be held when dues, assessments or special assessments are more than 8 quarters past due.

9. The board shall have the ability to suspend these processes, when, in their sole judgment, conditions warrant a suspension. Factors they will consider:

a The property owner agreeing and adhering to a payment schedule agreed to by themselves and the board.

b It shall be the responsibility of the homeowner to contact a member of the board, preferably the Treasurer, to request a waiver from these procedures. Establishing contact as soon as it clear payments cannot be paid, would be welcome.

10. The board may take other actions, again in the sole judgment, that they feel are warranted, such as turning off water or other services.