Assessment Delinquency Policy

Stonegate Subdivision Homeowner’s Association

Due Dates:

• Assessments are due by February 28th for 1st half, June 30th for 2nd half

Interest:

• “Any assessment not paid within thirty (30) days after the due date shall bear interest
from the due date at the rate of twelve percent (12%) annum.”
- Stonegate Subdivision Protective Restrictions and Covenants, Article VII, Section 6

Past Due Assessment Balances:

Due to a high number of past due homeowner assessments (*), the Board has discussed at
length over several months the best manner of collection. If your assessment is past due,
please take special note of the following one-time offer:

• One-Time Offer for All Past-Due Accounts

If your homeowner’s assessment balance is past due, the Board has acted to
forgive all accrued interest IF the balance is paid in full on or before February 28th,
2009. If not, the Board must, with regret, perform its duty to collect all past-due amounts
by whatever means the law allows.
(*)
Our last Balance Sheet showed $5,995 in past due, uncollected assessments repre-
sented by 24 homes. One in every three neighbors is past due which equates to an
average of $250 owed (not including accrued interest) which is why a more aggressive
collection process is necessary.

Direct Payment Option In The Works:

A direct debit option will be available soon for homeowners which will allow the monthly
withdrawals of a homeonwner’s account to be applied towards dues. This option will be
presented in more detail at the Annual Meeting on February 26th, 2009. The Board may consider
waiving interest charges on overdue accounts in consideration of a monthly repayment plan that
will ensure dues are paid in full within 12 months. However, if the homeowner does not comply
with the repayment plan within the agreed period of time, the Board may opt to apply and collect
any accrued interest to the balance owed. No interest will accrue for those who sign up for the
direct debit option and who continue using the direct debit option on a monthly basis until the
account is paid in full.