Your payments are considered due by the first of the month and late if not received by the 30th. If your payment is late, a late fee of $25 or 25% of the outstanding balance, whichever is higher, applies.

Please note, because the 25% is compounding, late fees can become extraordinarily high on unpaid balances quickly. Within just a few months, the late fees can exceed the principal balance. Your community allows a much longer grace period than most other condominiums at 30 days, but this late payment penalty is also far more severe than most others. You are strongly encouraged to pay your assessments on time, and in the event you can’t pay in full, you are strongly encouraged to pay as much as you can to minimize these penalties.

Please be advised neither management nor the Board of Directors sets or has discretion over this aggressive late fee policy. It is written in a governing document for your community called the Declaration of Covenants, Conditions & Restrictions. Unlike the Rules & Regulations documents, your Board does not have the legal authority to edit this document, nor enact decisions in the Rules & Regulations documents which would contradict it. It is not our intent to be excessively punitive when someone falls behind on their payments, but since it is written in the Declaration of Covenants, Conditions & Restrictions we must enforce it as written.