Common use of Initial Procedures Clause in Contracts

Initial Procedures. Before any sale of the Interval may occur: (i) the Association must give notice to the Defaulting Person. The notice of default must state: (A) the nature of the default; (B) the total of any unpaid amounts; and (C) a demand for payment. (ii) if the default is not cured within fifteen (15) days after the notice is given, a second notice must be given to the Defaulting Person. It must state: (A) the amount claimed to be due; (B) that a lien is claimed against that Interval for the default in the amount stated, plus interest, late charges and collection and enforcement costs; and (C) that the Association intends to have the Interval sold.