and Bills By Credit Card
At present, there are no Special Assessments approved by the Board.
The current annual common area assessment for each unit is $8000.00 which is due and payable in quarterly installments of $2000.00 on each February 1, May 1, August 1 and November 1.
Assessments become delinquent on the last day of February , May , August and November.
Notice will be provided no less than thirty (30) days in advance of any increase in assessments or in the event that a Special Assessment is approved.
Delinquent Assessments incur the following additional charges:
- Late charge of 10% of the unpaid amount on the last day of the assessment month; plus
- An administrative fee of $25.00; plus
- Interest on unpaid sums at the rate of eighteen (18%) percent per annum (1.5% per month) on the unpaid balance retroactive to the first day of the assessment month; plus
- Any attorney’s fees, costs and charges incurred by the Intervale Owner’s Condominium Association, Inc. in the collection of such unpaid amounts.
The Intervale Owner’s Condominium Association, Inc. has the right to place a lien on any Unit for the amount of unpaid assessments at any time. Prior to the placement of a lien, the Intervale Owner’s Condominium Association, Inc. will provide an itemized statement of the charges owed by an owner and shall reasonably specify the amount of delinquent assessments, late charges, collection costs, attorney fees and interest.
An Owner shall have the right to request a meeting with the Board or a representative thereof to dispute the determination of the existence of delinquent assessments upon submission to the President of the Intervale Owner’s Condominium Association, Inc. and the Association office a written explanation of the reasons such Owner does not believe that it has delinquent assessments together with a request for a meeting with the Board or a representative thereof. Such Owner’s objection and submission shall occur no later than fifteen (15) days after receipt of the itemized statement from the Association.
The Intervale Owner’s Condominium Association, Inc. is not required to accept partial payments or installment payments toward delinquent assessments without agreement on a payment plan. If partial payments are accepted, the payments will be credited as follows: (i) first to delinquent assessments until paid in full, then (ii) to collection costs, attorney fees, late charges and interest.
The Intervale Owner’s Condominium Association, Inc. shall inform all Owners if there are standards for payment plans. If an Owner requests a payment plan, the Board or a designee thereof will meet with the Owner to discuss the Owner’s plan for payment. Payment plans may include any assessments that accrue during the payment plan period but such plans may not impede the association’s ability to record a lien to secure payment of delinquent assessments, interest and costs. Additional late fees will not accrue during the payment plan period if the Owner complies with the terms of the plan, but if the Owner defaults on the plan, the association may commence or resume its efforts to collect the delinquent assessments from the time prior to entering into the payment plan and assess all late charges, interest and fees as if such plan had not been accepted by the association.
The Intervale Owner’s Condominium Association, Inc. has the right to foreclose any lien on any Unit pursuant to Vermont Statutes.
An Owner will be charged any bank fees assessed for dishonored or returned checks, regardless of the reason and charged an administrative fee of $35.00 by the Association for administrative costs.