Chico Oaks Website

Chico Oaks, A Planned Unit Development, est. 1976

CHICO OAKS ASSESSMENT COLLECTION POLICY

    The effective and prompt collection of assessments is critical to the operation of Chico Oaks. It is only through this collection that bills are paid and property values maintained. Owners have usually been prompt with their payments. State law requires a disclosure of the following delinquent assessment fee collection policy established by the Board of Directors in accordance with the Chico Oaks Homeowners Association CC&Rs:

    Monthly assessments are due in advance, on the 1st day of each month and delinquent if not received, in full, by the Association within fifteen (15) days after the due date thereof. Any special assessments are due according to the terms of the special assessments.

    A late charge often dollars ($10.00) shall be due on any such delinquent assessment.

    If any portion of any such assessment or late charge remains unpaid 45 days after the original due date thereof, the owner will receive a letter from the management company advising of the delinquency and requesting immediate payment, or the submission of a written payment plan for Board consideration.

    If any portion of any such assessment or late charge remains unpaid 60 days after the original due date thereof, the account is referred to collections and will then be liable for a minimum of $75.00 in additional fees. If payment is not received according to the specific guidelines of the collection agency pre-lien letter; a Lien will be recorded against the owner's unit. The charge to the owner for preparation and recordation of the lien, as of this date, is a minimum of $275. This lien will encumber the property and, very likely, prevent sale of the unit until all delinquencies and costs of collection are paid. All charges subject to change without notice.

    If all such amounts have not been paid, in full, within thirty (30) days after the recordation of such Lien, the Association may, without further notice, proceed to take any and all additional enforcement remedies as the Association, in its sole discretion, deems appropriate, including, without any limitation, non-judicial foreclosure of such Lien, judicial foreclosure, or suit for the money damages, all at the expense of the property owner(s).

    The management company shall charge a "returned check charge" of twenty-five dollars ($25.00) for all checks returned as "non-negotiable", "insufficient funds," or any other reason.

    Your cooperation and understanding regarding the critical importance of assessment collections is appreciated. It is hoped that you will never be subject to the above procedures.

You can download the collection policy (MS Word doc)

(Disclaimer: Information on this website might not be current; it may also be incorrect due to errors during transcription and tampering by hackers. Use this information at your own risk. Always reference your official documents, and verify information by checking with management.)

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Last modified: November 25, 2001