STANDARD OF THE WESTSIDE AT BUTTERCUP CREEK MODIFICATION COMMITTEE
Subject: Payment Plan policy
Date: September 1, 2011
WHEREAS Texas Property Code §§ 209.0062(d) becomes effective January 1, 2012, requiring associations to develop payment plan policies allowing members that are delinquent in their assessments to arrange an alternative payment schedule to avoid incurring additional costs of collection and to file the same in the real property records of each county wherein the association is located, and
WHEREAS, the Association, desires to set forth its guidelines for alternative payment schedules. BE IT RESOLVED, that the Association hereby adopts the following guidelines:
- Any Member that is delinquent in the payment of any amount may enter into a payment plan with the Association.
- No Member shall be entitled to enter into a payment plan if such Member was in violation of any payment plan with the Association in the previous two-year period prior to the request for payment plan.
- Payment plans shall be for a period not to exceed 3 months, shall include all amounts owed by the Member, shall include all amounts that will come due during the term of the plan, shall include all amounts for the cost of the administration of the payment plan as indicated in Number 7 below, and each payment thereunder shall be equal.
- After a member is notified of a delinquency in the payment of amounts due to the Association, the member shall have a period of 30 days within which to request a payment plan. A payment plan will be prepared and delivered to the member within said 30 day period. The member must execute and return the payment plan along with the first payment due under the plan within said 30 day period.
- If the member does not execute and deliver the payment plan to the Association within said 30 day period, it shall be conclusively presumed that the owner does not elect to enter into a payment plan and no further alternative payment schedules shall be offered.
- Any payment returned for insufficient funds shall be a breach of the payment plan agreement.
- Members shall be responsible for all legal fees associated with the preparation of the payment plan agreement, which shall not be less than $200, as well as the administrative costs of the management company, which shall not be less than $25 per payment under the payment plan.
To the extent these guidelines contradict with any previous guidelines, rules, covenants, or restrictions, these guidelines shall control. These guidelines are supplementary and are in addition to any and all other covenants, conditions, restrictions, rules, and guidelines in effect for the Association.