COLLECTION POLICY
New Territory's Governing Documents specify that all Homeowners must pay authorized assessments levied against their lots. When an owner fails to pay their share of the common expenses, it becomes an additional and unnecessary burden on all other owners. Payment of your assessment includes a membership to the Club. However, nonpayment or default in a payment plan, may result in all recreational privileges being revoked.
A payment plan must be chosen. Automatic Bank Withdrawal options are due no later than December 16, 2011 or payment in full is due January 31, 2012. Once a plan has been chosen, it must be adhered to. If you fail to adhere to the plan you have chosen, penalty, interest, late charges as well as collection costs will be added. In addition, the entire balance will be accelerated and due in full at that time.
FAILURE TO PAY
Any account that becomes delinquent will be referred to an attorney for collection that will result in additional expenses being assessed to you. Failure to pay your assessments could result in costly legal action, including loss of all recreational privileges and possible foreclosure of your home.
UNABLE TO COLLECT AUTOMATIC BANK WITHDRAWAL PAYMENTS
If the Automatic Bank Withdrawal Plan Payment is returned twice in the same year for any reason such as insufficient funds, account frozen or account closed, your Automatic Bank Withdrawal Plan contract will be cancelled, leaving NTRCA no choice but to enforce our collection policy.
PAYMENT PLAN APPROVAL
If you have a two year history of late payments and/or defaulted payment plans, or if you have outstanding deed restriction fines or legal fees on your account, your Automatic Bank Withdrawal Plan request will be denied.
MILITARY SERVICE
If a member (property owner) or spouse is serving on active Military duty, including active military duty as a member of the Texas National Guard or the National Guard of another state or as a member of a reserve component of the armed forces of the United States, the member shall send written notice of the active duty military service to New Territory Residential Community Association. Under the Service members Civil Relief Act, a military person may have special rights or relief related to enforcement actions under Federal Law.
ATTORNEY DISCLAIMER
If an owner's account has been turned over to the Association's attorney for collection or deed restriction violations, the amount set forth in any invoices and/or reminder notices should not be relied upon as reflecting the entire amount due to the Association. The owner should contact the attorney handling the account to obtain a complete accounting of all amounts owed.
PRIORITY POSTING OF PAYMENTS
A payment received by a property owner's association from the owner shall be applied to the owner's debt in the following manner.
1. Delinquent assessments
2. Any Current assessments
3. Any attorney's fees for collection efforts only.
4. All other attorney's fees
5. Fines
6. Any other amounts
An exception to this policy occurs if an owner defaults under any payment plan agreements. NTRCA is not required to apply the payments in the order specified.