Magothy Estates

Association, Inc

Serving the community for over 50 years

Magothy Estates Association, Inc.

PO Box 632 Arnold, MD 2IOI2

 

ASSESSMENTS: Each Owner's annual assessment is due on the first day of January, unless otherwise permitted by the Board of Directors. Notice of the annual assessment shall be sent to the Lot Owner(s) at least thirty (30) days prior to the due date thereof. Notices, documents and all correspondence relating to assessments shall be mailed to the address which appears on the books of the Association. It is each owner's responsibility to infom1 the Association's managing agent, in writing, of any address change.

Procedures for Collections (Uber 34, Page 266)

LATE FEES AND INTEREST: To the extent permitted in the Declaration or Bylaws, a delinquent account which is not paid within thirty (30) days after the due date thereof will be assessed a late fee charge of ten percent (10%) of the amount due or Fifteen and 00/100 Dollars ($15.00), whichever amount is greater. A late fee shall be charged on the assessment for each assessment period that the account remains delinquent, provided that only one late fee may be charged for any annual assessment or installment thereof that remains delinquent for a period of thirty (30) days. Additionally, a delinquent account shall bear interest on the unpaid balance beginning on the thirtieth (30th) day after it becomes due, until paid, at the rate of six percent ( 6%) per annum or such higher rate as may be provided for in the Declaration, as amended, from time to time. In addition, a $25.00 returned check charge and any related bank charges will be assessed against the account of the Lot owner responsible for payment if the payment is returned.

Procedures for Collections (Uber 34, Page 266 - 267)

LATE NOTICES: If full payment of an assessment is not received by the Association's managing agent within fifteen (15) days of the due date, the managing agent will send a First Late Notice to the Owner, via first class mail, requesting immediate payment, and advising the owner that, if full payment of the assessments due is not received within fifteen (15) additional days of the First Late Notice, the Association will impose a late fee and interest that will be added to the balance, and also informing the Owner that interest will continue to accrue on the unpaid balance due. If no payment is received within thirty (30) days of the original due date, a Second Late Notice is sent to the Owner by the agent, informing the Owner of the imposition of late fees and interest, as well as of the right of the Association to accelerate the assessment, as applicable, to commence proceedings to record a lien against the property, and to refer the account for collection action.

Procedures for Collections (Uber 34, Page 267)

NOTICE OF INTENT TO CREATE LIEN AND ATTORNEY'S FEES: If payment in full is not received within sixty (60) days of the original due date, irrespective of whether First or Second Late Notices have been sent, an account may be forwarded to the Association's attorney for collection. Additionally, the Association may send a Notice of Intent to Create a Lien to the delinquent owner in accordance with the Maryland Contract Lien Act. The Notice of Intent to Create a Lien will inform the delinquent owner of the amount of the outstanding balance, including all past due assessments, interest, late fees, costs of collection and all attorney's fees actually incurred. The Notice of Intent to Create a Lien will conforn1 with the requirements of the Maryland Contract Lien Act and all other applicable laws.

 

 

 

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