Delinquent Assessments. (a) Assessments, including but not limited to, Mutual Assessments and GRF Assessments levied pursuant to the Governing Documents shall be delinquent fifteen (15) days after they become due. (b) If Assessments are delinquent, the Mutual may recover all of the following: (i) reasonable costs incurred in collecting the delinquent Assessments, including reasonable attorney’s fees; (ii) a late charge not exceeding ten percent (10%) of the delinquent Assessments or ten dollars ($10.00), whichever is greater; and (iii) interest on all sums imposed in accordance with this Article 5, including the delinquent Assessments, reasonable fees and costs of collection, at an annual interest rate not to exceed twelve percent (12%), commencing thirty (30) days after the Assessments become due.
Appears in 5 contracts
Samples: Occupancy Agreement, Occupancy Agreement, Occupancy Agreement
