Oakbrook on the Lake

Fines (General Rules XV)

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A. $25 late fee is applied to a homeowners account when dues and assessments are more than 15 days late. The board of directors approved one annually late fee be waived annually for each homeowner.

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• 16th of the month a late fee will be applied to the account and send a reminder email homeowner did not pay

• 45 days send a registered letter to the homeowner outlining a payment plan. A fee for the certified letter will be added to the account. It will also include a ledger sheet of the homeowner’s account.

• 90 days if the homeowner has failed to make a payment plan with the Board of directors, the account will be turned over to the lawyer to collect. Any fees acquired will be at the homeowners expense and added to the account. The lawyer will communicate a timeline and schedule for collections. If not meet, a lien will be placed on the property and foreclosure proceedings will start.

 

B. The fines set forward here are for any by law and general rules violations. Some offenses may incur additional costs for correction of the infraction or removal of offending items. Fines may be imposed for violation of any of the above rules after a written warning is issued.

                  First Offense: $25

                  Repeated Offenses: $50

 

C. A fine will be applied to the unit owner regardless of whether the offender is the unit owner, a tenant, a guest or a household member. The payment of a fine does not relieve the offended of the obligation of correcting the violation. IF the HOA incurs expenses to correct the violation, this expense will also be applied to the unit owner. If the unit owner does not pay the bill, a higher fine may be imposed. If the fine remains unpaid, a lien may be placed against the unit.