Collection Policy for Delinquent Assessments
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Due Dates All Regular Assessments shall be due and payable, in advance, in equal monthly installments, on the first day of each month. Special and Special Individual Assessments shall be due and payable on the due date specified by the Board in the notice imposing the assessment or in the ballot presenting the special assessment to the members for approval. In no event shall a Special and/or Special Individual Assessment be due and payable earlier than thirty (30) days after it is imposed. Payment receipts/ Overnight Payment location Owners can request a receipt from the Association which shall indicate the date of payment and the person who received it. Any request for a receipt of payment must be submitted directly to the Association's business address (separately from any actual payment). Overnight payment of assessments may be sent/delivered to the following address:
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OUTDOOR RESORTS PALM SPRINGS OWNERS ASSOCIATION HOA Accounting Office 69-411 Ramon Rd. Cathedral City, CA 92234-3376
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Application Payments received on delinquent assessments shall be applied to the Owner's account as follows: payment shall be applied to the principal owed first. Payments on principal shall be applied to the Owner's account by the "balance forward payment" method, i.e., in reverse order so that the oldest arrearages of the principal are retired first. Only after the principal owed is paid in full shall such payments be applied to interest, late charges, collection expenses, administration fees, attorneys' fees, or any other amount due to the Association which result in continued delinquencies. Late Charge All assessments shall be delinquent if not paid within 15 days after they become due and will result in the imposition of a late charge of ten percent (10%) of the delinquent assessment or ten dollars ($10.00), whichever is greater. Furthermore, the Association shall be entitled to recover any reasonable collections costs, including attorneys' fees, that the Association then incurs in its efforts to collect the delinquent sums.
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