Payment Of Condominium Obligations
On October 19, 2016, Liberty Commons’ Board of Trustees updated the Rules and Regulations to revise and incorporate the previous Late Fee Resolution enacted by the previous Board of Trustees in 2012 and shall be fully enforceable on October 28, 2016. Article 9 — Payment of Condominium Obligations supersedes the Late Fee Resolution, and has some important changes that Unit Owners should be aware of:
- The previous 15-day grace period has been reduced to 10-days. The original Late Fee Resolution was 10-day when drafted, but the previous Board of Trustees increased the grace period when executing the resolution. This has been reset to 10-days as originally intended by the Association’s attorneys.
- Any Unit Owner with a balance greater than $0.00 on the 10th of the month, will begin being assessed daily fines commencing on the 11th of the month continuing each day until the 15th of the month. Please allow adequate mailing handling and processing time for the payment to be posted in the payment processor’s system and/or adjust any electronic payments.
- All payments received shall be first applied to the oldest outstanding obligations on the Unit account.
Article 9 — Payment of Condominium Obligations
9.1. All Unit Owner shall be responsible for the prompt payment of all Condominium assessments (regular, supplemental or special) and other obligations (including, where applicable, late fees, penalties, fines and/or attorneys’ fees and costs) properly assessed to their accounts pursuant to the Condominium documents or M.G.L. c. 183A, et. seq.
9.2. Monthly condominium fees (regular assessments) are due and payable on the first day of each month unless otherwise expressly stated by the Trustees or Management Company. Late fees, fines, penalties and other amounts assessed by the Trustees are due and payable on the first day of the month following the date of first notification unless otherwise expressly stated by the Trustees.
9.3. A grace period of up to 10 days following the first of the month will be given to Unit Owners for payments of regular assessments. Payments posted after the 10th day of the month a payment is due will be considered late unless otherwise expressly stated by the Trustees.
9.4. Late fees are $20.00 per day to a maximum of $100.00 per month for each month an account remains delinquent until the entire balance is paid in full together with all expenses, including reasonable attorneys’ fees incurred by the Trustees and shall, together with all costs and expenses of collections, constitute a lien on the Unit pursuant to M.G.L. c. 183A, commencing on the 11th of the month continuing each day until the 15th of the month. Bounced check fees are a minimum of $20.00 or the current fees charged by the banking institution each time a check is returned.
9.5. Payment of any Condominium obligation may be made by either check or money order payable to “Liberty Commons Condominium Trust,” or “Liberty Commons Condo Trust,” and must include the unit number and any other required information to process payments, on the payment.
9.6. Cash payment may be accepted with the prior express written consent of the Trustees and must be given in person to the Trustees or Management Company with a copy of a receipt given to the Unit Owner and another copy for the records of the Trust. Other forms of payment such as an online transfer, automatic deduction, e-check, etc. may be accepted depending on the current services subscribed to by the Condominium Trust, taking into consideration the budget and the needs of the condominium.
9.7. Except as otherwise provided on the payment instrument (check, etc.) itself or under applicable law, all payments, regardless of when they are made, shall be first applied to the oldest outstanding obligations on the Unit account.
9.8. Neither the Trustees nor the Management Company shall be required to send an invoice, coupon book or to otherwise notify residents to remind them of their obligation to pay regular monthly condominium fees. The Trustees or Management Company shall send a notification to any Unit Owner when the Owner has been assessed a late fee, penalty, fine and/or other permissible assessment (including, in the case of violation of the Condominium documents, attorneys’ fees and costs).
9.9. The Board of Trustees may, in their reasonable discretion and for good cause shown, waive any a late fee, fine or penalty assessed to any Unit Owner account.
9.10. No check or any other payment instrument marked “paid in full” or “full satisfaction” or words to such effect shall limit or otherwise affect the Board’s rights or remedies to recover any amounts in dispute or any amounts owed to the Condominium Trust where the paying Unit Owner’s account reflects a balance for any amount of assessments, fines, fees or other impositions in excess of the marked payment. The Board’s acceptance of any such marked check or instrument for any amount less than the total or disputed balance of the Unit account shall not constitute an accord and satisfaction of such unpaid or disputed balance.