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CAMELOT FOREST CONSERVATION ASSOCIATION, INC.
Reviewed & Updated: 04/04/2022
POLICY: PAYMENT AGREEMENT PLAN – reflects dues increase
To provide for a Payment Agreement Plan for those Association members who may encounter extreme difficulty in paying their dues or assessment in full by the due date.
1. All payments received will be applied to the member’s oldest debt(s) first.
2. A letter to the Board of Directors requesting approval to enter into a Payment Agreement Plan must be submitted on or before January 31 and a Promissory Note must be signed. Such letter must include specific reasons that would make it impossible to meet the full payment at the current time.
3. Any request and Promissory Note not received by January 31 will be considered for approval by the Board of Directors.
4. If the request is granted, a letter will be sent which will include a Payment Agreement Plan Promissory Note that must be signed and returned with the first monthly payment which will be due by February 28. (See attached Promissory Note.)
5. The monthly payment accepted per house will be $80.00 February thru June Lots will be $42.00 per month from February thru June.
6. While in a Payment Agreement Plan, such members will be considered as a “Member in Good Standing” and accorded all privileges and rights of the Association provided monthly payments are made on time.
7. Should the member miss or discontinue payments, the Agreement will be voided and the account will be treated as an Account in Arrears. The member will be notified by regular and registered mail of the fact that loss of rights and privileges will occur and that steps will be taken to prepare the account(s) for legal collection. Any late fees and finance charges will accrue on the outstanding balance and will be considered part of the outstanding debt.
8. Anyone who defaults while enrolled in a Payment Agreement Plan will not be allowed to enter into such an agreement plan at a later date.
Approved by the CFCA Board of Directors on this 4th day of April 2022