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Collection Policy|

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THE VISTAS HOMEOWNERS ASSOCIATION
ASSESSMENT COLLECTION POLICY
Adopted July 2001
Revised April 2004, April 2005, Jan. 2006, Jan. 2008 

WHEREAS The Bylaws of THE VISTAS HOMEOWNERS ASSOCIATION (the “Association”) authorizes the Board of Directors to establish such policies as necessary; and

WHEREAS the Board of Directors has determined that the best interest of the membership would be served by the establishment of a collection policy for the purpose of providing direction to the owners, and

WHEREAS the collection policy shall remain in accordance with this Resolution until resolved otherwise by the Board of Directors.

NOW THEREFORE, BE IT RESOLVED that the Board of Directors of the Association adopts the following policy and practice which will be mailed to all owners and will be effective thirty (30) days after the date of this Resolution.

This document sets forth the Association’s policy regarding the collection of assessments pursuant to the Association’s Declaration of Covenants, Conditions and Restrictions, its Bylaws, and Nevada Revised Statutes 116, Sections 116.3115 through 116.31168 inclusive and 116.3118 (this “Policy”).

The Board of Directors establishes the Association’s fiscal year, August 1 through July 31, as the regular assessment period.  This has been changed to January 1 through December 31, as the regular assessment period.  Semi-annual payments are due on the first day of each month, April and October.  Semi-annual assessment dates were changed at the January 2007 quarterly meeting to the first day of each month, January and July.

  1. Assessments in General.  The Association has a duty to levy regular and special assessments sufficient to perform its obligations under the governing documents and Nevada Law.  Regular assessments are levied annually and are payable during the year in semi-annual installments.
  2. Obligation to Pay Assessments.  Each assessment or charge is an obligation of the owner at the time the assessment or other sums are levied.
  3. Notice of Assessments.  The Association shall give the owners notice before any increase in the annual assessments or levying any special assessment.  It is the responsibility of each owner to advise the association of any mailing address changes.  The Board of Directors may elect from time to time to provide additional periodic statements of assessments.
  4. Due Date/Delinquency Date of Assessment.  Unless otherwise specified by the Board of Directors, assessments are due on the first day of each billing.  An assessment shall be delinquent if not received by THE VISTAS HOMEOWNERS ASSOCIATION or its designated agent within ten (10) days after it is due.
  5. Charges on Delinquent Amounts.  After ten (10) days past due, an assessment, or any portion thereof, which is delinquent shall incur a late charge of ten dollars ($10.00) and interest at ten percent (10%) per annum from the date of delinquency.
  6. Interest and Collection Charges.  Any costs and fees incurred in processing and collecting delinquent amounts, including, without limitation, late charges and interest charges, charges for preparation of delinquent notices or referral for collection, postage and copies, and attorney’s fees and costs, shall become an additional charge against the owner and the owner’s unit and shall be subject to collection action pursuant to this Policy. 
  7. Application of Payments.  Payments shall be applied first to principal owed, then to interest and collection charges. 
  8. Recording of Lien.  Pursuant to NRS 116.3116, the Association has a lien on any unit for any assessment levied against that unit or any fines imposed against the unit’s owner from the time the assessment or fine becomes due. Unless the declaration otherwise provides, any penalties, fees, charges, late charges, fines and interest charged  pursuant to paragraphs (j) to (n), inclusive, of subsection 1 of NRS 116.3102 are enforceable as assessments under this section.  Recording of the declaration constitutes record notice and perfection of the lien and no further recordation of any claim of lien for assessment is required. 
  9. Notice of Delinquent Assessment 25.00.  Once an assessment, or any portion thereof, has become delinquent, as provided in paragraph 4.0, the Association or its designated agent shall mail by certified or registered mail, return receipt requested, a Notice of Delinquent Assessment to the unit’s owner or his successor in interest, to the unit and alternative address, if known.  The Notice of Delinquent Assessment shall state the amounts of the assessments due and other sums which are due including any and all penalties, fees, charges, late charges, fines, interest, and any known collection charges imposed as of the date of the Notice.  The Notice of Delinquent Assessment shall also state a legaldescription of the unit against which the lien is imposed and the name of the record owner of the unit.  The owner shall be charged 25.00 for any Notice of Delinquent Assessment that is sent as well as all postage costs incurred.
  10. Final Notice before filing a Lien against the property (75.00).  If an assessment account remains unpaid for 30days after it is due, the Association or its designated agent shall mail by certified or registered mail, return receipt requested, a Final Notice before filing a lien to the unit’s owner or his successor in interest, to the unit and alternative address, if known.  The Association or its designated agent for collection shall notify the owner that a lien will be recorded against the owner’s unit unless the entire balance of the account is paid within 30 days and shall provide an itemized statement of the charges owed as of the date of the notice, including the costs of the final notice at a charge to the owner of $75.00 as well as all postage costs incurred.  The agent for collection may require that the payment be made in certified funds.
  11. Recording of Lien (265.00).  If the account remains unpaid for 60 days from the assessment due dateandthe owner fails to pay the entire balance of the account or to petition the Board of Directors in writing for a payment agreement pursuant to paragraph 15.0 of this Policy a written lien will be filed against the property.  All charges incurred in recording a Lien (265.00), including reasonable attorney’s fees will be charged to the account.
  12. Recording of Notice of Default and Election to Sell.  A Notice of Default and Election to Sell the unit to satisfy the lien shall be executed and recorded if at least 60 days has elapsed from the mailing of the Notice of Delinquent Assessmentand the owner fails to pay the entire balance of the account and has failed to petition the Board of Directors in writing for a payment agreement pursuant to paragraph 15.0 of this Policy.  The Notice of Default and Election to Sell shall contain the same information as the Notice of Delinquent Assessment, but shall also describe the deficiency in payment and the name and address of the person authorized by the Association to enforce the lien by sale as all other provisions as required by NRS116.  The Notice of Default and Election to Sell shall be signed by the person designated in the declaration or by the Association for that purpose or, if no one is designated, by the president of the Association. All charges incurred in recording the Notice of Default and Election to Sell, including reasonable attorney’s fees shall be charged to the owner’s account.
  13. Foreclosure.  Foreclosure proceedings may commence 90 days from the later of recording the Notice of Default and Election to Sell or mailing by certified or registered mail, return receipt requested, Notice of Default and Election to Sell to Units owner at known address and unit addressif the owner has failed to pay the entire balance of the account and has not established a written payment agreement with the Board of Directors of the Association pursuant to paragraph 15.0.  All charges incurred in proceeding with Foreclosure, including reasonable attorney’s fees shall be charged to the owner’s account.
  14. Payment Agreement.  Neither the Association nor its designated agent has any obligation to accept partial payments on any assessment account.  An owner may petition the Board of Directors in writing for a payment agreement to allow the owner to make periodic partial payments on the entire balance of the assessment account, in addition to the ongoing assessment payments, in amounts and on a payment schedule agreed to by the Board of Directors.  The association has no obligation to enter into such a payment agreement.  Any agreement entered into with the owner shall be reasonable and based on hardship, as determined by the Board of Directors in its sole discretion, and for the sole purpose of assuring that the best interests of the Association are served.  The Board reserves the right to charge an administrative fee for any approved payment agreement.  The payment agreement shall be in writing and a provision shall be included that failure to meet any term of the agreement shall give the Board of Directors the right to immediately continue the collection process without further notice to the owner.
  15. Recording Release of Lien and Withdrawal of Default.  After the entire balance owing on the owner’s account is paid in full, the Association shall record a Release of Lien and a Withdrawal of the Notice of Default and Election to Sell and end foreclosure proceedings.  The Association is therefore restored to its former position and has the same rights as though the Lien and Notice had never been recorded.  The charges incurred in recording a Release of Lien and a Withdrawal of Notice of Default and Election to Sell, including reasonable attorney’s fees shall be charged to the owner’s account.
  16. Dishonored Checks (25.00).  At any time that the Association or its designated agent receives a check dishonored by the bank for any reason, a charge of $25.00 shall be imposed.  The Board of Directors may immediately proceed with the collection process if the assessments are not paid within 10 days after notice of the dishonored check is sent to the owner.  The Association may also seek damages in accordance with Nevada Law.
  17. Dispute of Charges.  If the owner questions the accuracy of the calculation of an account or the amount of charges to the assessment account, a written objection to the specific charges must be made to the Board of Directors within ten (10) days of the date notice is sent to the owner of the charge or balance.  A telephone call will not reserve any rights.  The disputed amount may remain unpaid during the investigation, but the undisputed portion of the account must be paid before the delinquency date in order to avoid collection charges.  No action will be taken to collect the disputed amounts until completion of the investigation and a decision is made by the Board of Directors.  The owner must provide the following information in writing regarding any dispute:
    1. The owner’s name, mailing address and account number.
    2. The exact dollar amount in dispute or error.
    3. Explanation of the reason the owner believes there is an error.  If the owner does not know how the error was made, that statement may be made, but the dates and check numbers, etc., must be given.
    4. Copies of checks (both front & back), letters, or other documents referred to or claimed must accompany the written objection.
  18. Other Remedies.  The Association reserves the right to avail itself of any other remedy permitted by law and the Association’s governing documents to collect assessments and related costs and charges, including but not limited to alternative dispute resolution or bringing an action in any court of law.  Such remedies may be taken in addition to or in lieu of any action already taken, and commencement of one remedy shall not prevent the Association from electing at a later date to pursue another remedy.
  19. Address of the Association and the Board of Directors.  Owners should respond in writing or make payments to the address as directed by the designated agent.  If no address is given, responses and petitions should be mailed to the Association at the following address:

Board of Directors

THE VISTAS HOMEOWNERS ASSOCIATION
1281 Terminal Way, Suite 217
Reno, NV 89502

  1. Sufficiency of Notice.  Except for notice that under Nevada law, which must be sent by certified or registered mail, notice is sufficient if either hand delivered or mailed first class, postage prepaid, to the owner at the address on the membership register at the time of notice.
  2. Void Provisions.  If any provision of this Policy is determined to be null and void, all other provisions of this Policy shall remain in full force and effect.

 

This resolution of the Board of Directors has been duly adopted at the July 26, 2001 Board of Directors Meeting, revised at the April 22, 2004, April 28, 2005, January 26, 2006, and January 24, 2008 Quarterly Board of Directors Meeting.

 

By:                                                                                          Date:                                      
David Stefan, President

 

Attested by:                                                                            Date:                                      

 

 

© Copyright 2002-2009. The VISTAS Home Owners Associations.
Address: 1281 Terminal Way #124, Reno, NV 89502.
Phone: (775) 786-0500 Fax: (775) 786-0504
http://www.vistashoa.com  Email: info@vistashoa.com