DELINQUENT ACCOUNT POLICY
12/7/03, rev 10/14/09
It is the policy of the Cypress Landing Marina Association, Inc. that all
annual charges or dues and special assessments are payable on the Due Date
specified on the invoice submitted to the slip-holder. If the payment is not
received by the Due Date, the account of that slip-holder will be declared
“Delinquent” A Delinquent Account shall be subject to an interest charge at
the rate of 18% per annum (1.5% per month) plus $20 for each delinquent
notification to cover administrative costs. In addition, the Association
will pursue all amounts due using all means available to it under the
Protective Covenants and existing law, including statutory penalties and
fines, costs, charges, late fees and reasonable attorney fees. Such action
may include the filing of a Claim of Lien against the Leasehold in the
Office of the Clerk of Superior Court of Beaufort County as provided for in
the Cypress Landing Master Homeowners Association Delinquent Account Policy.
PROCEDURE TO ADMINISTER THE DELINQUENT ACCOUNT POLICY
The Cypress Landing Marina Association will use the following procedure to
implement the Delinquent Account Policy.
If payment of an annual charge, dues, or a special assessment is not
received by the Due Date then an over due statement will be sent within 3
days of the original due date. The statement will include a copy of the
Association’s Delinquent Account Policy, the original invoice amount, 30
days of interest and a $20 charge for administrative fees.
When the account remains delinquent, a statement letter will be sent each
subsequent month to the slip- holder. within 15 days of the first of the
each month.
If the account remains delinquent 4 months from the Due Date, a final demand
letter (Warning Letter) will be sent by the Marina Association Treasurer by
certified mail (return receipt requested) to the slip-holder including the
specific amount owed, stating the interest and administrative costs to date
and demand payment within 10 days of receipt of the letter. If the
slip-holder refuses receipt of the letter delivered by certified mail, a
follow-up final demand letter will be sent by first class mail. Either means
of notification will be considered adequate notification to start the
process for filing of the lien if payment is not made under either
circumstance within the specified 10 day period. The Marina Association will
immediately convey the delinquent account to the Master Home Owner
Association and request a lien be filed against the delinquent Leasehold as
authorized in the Cypress Landing Covenants and the Master Home Owner
Association Delinquent Account Policy and Procedures
The Claim of Lien shall be filed by the Master HOA shortly after the either
of the above due dates has passed without remittance of the full amount but
in no event later than 8 months after the original Due Date. The Covenants
state that the Claim of Lien must be filed within 9 months of the Due Date.
As stated in the Cypress Landing Master HOA Delinquent Account Policy, a new
lien will be filed at 30 months with interest and charges that have accrued
since the previous Claim of Lien was filed. (NOTE: The original lien is
extinguished three years (36 months) from the date the most recent Claim of
Lien was docketed with the Clerk of the Court.)