Dear Hillcrest 11 Residents,
As you are aware, being an owner in a condominium building means you are a cooperative owner, along with the other residents in the building. Your monthly maintenance payments pay bills for the building: electric, water/sewer, waste collection, cable TV, elevator service, landscaping and janitorial, to name a few.
There are also annual bills such as, certification and inspection of fire alarms and extinguishers, the elevator, as well as building insurance. Each year these costs are presented and approved during an annual budget meeting and incorporated into your monthly maintenance payment based on your percentage of common ownership. When an owner of our building does not pay, or fails to pay their monthly maintenance in a timely manner this causes an unfair situation to the remaining residents of our building.
The Board of Directors has implemented a process to encourage prompt payment of a unit owner’s budgetary responsibility:
Effective August, 1, 2015 the following process will be implemented:
• Monthly maintenance is due the 1sst of each month.
• If payment is not posted to your account by the 10th of the month, a $25 late fee will bee assessed (please note that any payments received will be applied to any outstanding balance first. If a balance remains, this will then be subject to an additional $25 late fee).
• If payment in full (including any applicable late fees or fines) is not posted to your account by the 15th of the month, the resident’s account will automatically be transferred to attorneys for collection action possibly resulting in additional fees.
• If unit account is transferred for collection activity, The Hillcrest Presidents Council will be notified and residents of unit will lose access to amenities (pool, fitness center, parks), which will not be reinstated until full payment of outstanding fees.
• Any special assessments will have the same process applied. Special assessments are due by the due date established by the Board (without exception). Additionally, if the special assessment is not paid in a timely manner, once account is transferred to Association attorney, a lien will be placed on unit.
• Request for financial hardship must be submitted in writing to the Board by the owner, in order to qualify for hardship, the account must be current and not have been late within the prior 12 months. Only one hardship request will be considered within any 12-month period.
Thank you for your cooperation and consideration for your neighbors.
The Board of Directors