As authorized by section 3.5 of the Norton Hills Estates Recreation Association, Inc., amended and restated By-Laws dated 1 February, 1992 (the "bylaws"), the Treasurer has recommended that a late fee be imposed on any all annual dues payments that are considered delinquent as defined in that section. The proposed late fee will be in the amount of $10.00 per month or part of a month that the dues remain delinquent, up to a maximum late fee equal to 100 percent of the delinquent dues amount. These late fees will begin to accrue 30 days after the homeowner receives a second notice of the amount due. These late fees will constitute a valid debt of the homeowner and will be considered a claim against the property just as the dues themselves are so considered, and the amount of the late fees will be enforceable using all remedies available under Sec. 3.5 of the bylaws. The imposition of these late fees will in no way diminish any other enforcement remedy granted the Board of Directors under Sec 3.5 of the bylaws.
At a meeting of the Board of Directors of the Corporation, duly called and attended by a quorum of the Directors authorized to vote on such action, it was moved, seconded and unanimously RESOLVED that the treasurer's proposal be accepted as written above.
