Resolution – Payment Policy (August 2004)

[This resolution was rescinded in 2008]

The undersigned, being an officer of The Tanglegrove Townhouse Association (the “Association”), certifies that the following resolution was adopted by not less than a majority of the Board of Managers of the Association at a meeting duly called and held for that purpose on July 26, 2004 at which a quorum was at all times present:

WHEREAS, Section 82.102 of the Texas Uniform Condominium Act authorizes the Board of Managers of the Association to adopt and amend rules relating to the application of payments received from owners, and

WHEREAS, the Board of Managers of the Association desires to adopt a policy relating to the application of payments received from owners so that payments are applied to the oldest outstanding charges levied against units;

BE IT RESOLVED, that, after the effective date of this policy, payments received from unit owners shall be applied in the following manner:

  1. A payment received for a unit shall be applied to the oldest outstanding charges levied against the unit;
  2. If different types of charges are levied against a unit in the same month and a payment is to be applied to outstanding charges levied against the unit that month, the payment shall be applied in the following order:
  3. Any regular assessment or unpaid portion of a regular assessment;
  4. Any late charge on a regular assessment;
  5. Any special assessment or unpaid portion of a special assessment;
  6. Any late charge on a special assessment;
  7. Legal fees;
  8. Other charges lawfully levied against the unit, such as repair costs;
  9. Fines.

Payments will be applied in accordance with this policy regardless of whether a coupon is enclosed with the payment, any notation is made on the memo portion of a check, or the owner otherwise indicates an intent that the payment be applied to more recent charges.

EXECUTED on the 26th day of July 2004, but effective as of January 1, 2004.

(Original Document and Signatures on file at Creative Property Management)

 

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