Management has an automatic procedure to follow for collection of past due accounts.
1. On the 11th day of the month which assessment becomes past due a first letter is sent and a late fee of $25 and interest of $4.35 is assessed to the account.
2. If payment is not received by the 30th of the month, a second letter is sent.
3. If payment is not received by the 21st of the following month, Management notifies the attorney to send a demand letter.
4. If not paid within 15 days of the demand letter, the attorney files a lien.
Management and the attorney inform the board of each step in writing. Management and the attorney have the authority to exercise the St. Lucie Falls POA bylaws article VI, section 6 regarding acceleration of assessment installments upon default, if the account remains in default after the four (4) collection procedures have been followed. The SLFPOA board is to receive notice in writing by management and the attorney. See Article 7, Section 6 of the St. Lucie Falls Covenants for an explanation of the charges that will apply.