Valli Vue Estates Property Owners Association, Inc.
Administrative Resolution #1
Assessments and Collections

WHEREAS, Article IV, Section 3 of the Declaration of Valli Vue Estates Subdivision states that "the Board of Directors shall fix the annual assessments..." and

WHEREAS, Article VII of the Bylaws of Valli Vue Estates Property Owners Association states that "the Board of Directors shall have power to exercise for the Association all powers, duties and authority vested or delegated to this Association and not reserved to the membership by other provisions of the Bylaws..." and

WHEREAS, Article XI of the Bylaws provides that "each member is obligated to pay to the Association annual and special assessments which are secured by a continuing lien upon the property against which the assessment is made. Any assessment which is not paid when due shall be delinquent..." and

WHEREAS, AS 34.08.470 provides lien and foreclosure procedures for delinquent assessments "as a mortgage of deed of trust on real estate is foreclosed, or a lien is foreclosed under AS 34.35.005", and

WHEREAS, there is a need to establish orderly procedures for the collection of assessments which remain unpaid past their due date since delinquent assessments pose a serious financial and administrative burden on the Association, and

WHEREAS, it is the intent of the Board of Directors to establish steps for the collection of assessments;

Now THEREFORE, BE IT RESOLVED THAT the procedures for collection of assessments be as follows:

1. Each annual assessment is due and payable on the lst day of January and is delinquent on April 1st.

2. The first billing for the annual assessment shall be sent to all unit owners before December 31st. A second billing will be sent to all owners with a remaining balance after March lst and before March 15th .

3. Delinquent accounts not paid by the last day of March will be assessed a ten dollar ($10.00) late charge. An additional ten dollar ($10.00) charge will be made each month or partial month thereafter until the assessment, administrative, and legal charges are paid.

4. Demand notices will be mailed to all delinquent homeowners in April, July, and October, and if not paid, shall be included in the following year's annual assessment.

5. A late charge shall accrue for each individual annual or special assessment. If, for instance, an Owner becomes delinquent on a second assessment, two (2) late charges shall accrue each month.

6. On past due accounts, collection actions will be initiated so that the collection rights of the Association will be effectively protected.

7. Administrative costs to the Association for collection action shall be charged to the delinquent owner as an assessment against that unit.

8. Court action may be initiated on an account which becomes delinquent. After a judgment has been obtained, execution will be initiated through any appropriate legal channel. All costs incurred as a result of legal action and collection shall be charged to the delinquent owner.

Adopted: January 7, 1985
Last Revised: March 1, 1999

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