ASPEN AT STREAMSIDE
ASSESSMENT BILLING AND COLLECTION POLICY *

The following is the Assessment Billing and Collection policy of the Aspen at Streamside Condominium Association as adopted by the Board of Directors and confirmed on August 19, 2011.

Payment Option 1 - Annually

NOVEMBER 1st
You will be mailed the First Assessment Notice for the next year’s assessments. Payment is due upon receipt. NOTE: BEFORE SUBMITTING YOUR WEEK FOR EXCHANGE PURPOSES, OR DEPOSITING YOUR WEEK IN THE RENTAL PROGRAM, THE ENTIRE YEAR’S ASSESSMENTS FOR THE YEAR YOU ARE RESERVING MUST BE PAID IN FULL.

DECEMBER 15th
A reminder notice is sent to owners who have not paid to date.

JANUARY 1st
Delinquent Date. If you have not paid your assessments, your account is delinquent. Your voting rights are suspended.
If you are delinquent, the following charges are added to all delinquent owner accounts:
   a.   A reinstatement fee of $50.00
   b.   Maximum interest allowed by law per month beginning January 1st
   c.   An exchange, deposit, or confirmation cancellation fee of $25.00

If you are delinquent, your reservations are canceled and you may not hold a reservation until your account is brought current. Exchange requests will not be confirmed. Existing confirmed exchanges will be blocked. There is no guarantee that you will receive a reservation or confirmed exchange after you have brought your account current.

You will be mailed a final Assessment Billing Notice, including all penalties, fees and interest. You must pay all charges in full to have your occupancy and voting rights reinstated. Use Weeks resulting from delinquencies are available for Bonus Time, Vacation Tyme, and the Administrative Hold Program. Net proceeds are used to offset collection costs, assessment liens, foreclosures, and shortfalls in the HOA operating account.

FEBRUARY 1st
Management will send a notice detailing all charges and fees that will be added if the delinquent account is not paid in full in 15 days and is submitted for legal and/or collection action.

The Board of Directors may, at its discretion, submit delinquent accounts to an attorney for formal notification of default and demand for payment (Legal Notice). The cost of Legal Notice will be added to delinquent owner’s accounts.

MARCH 1st
The Board of Directors may, at its discretion, implement any of the following actions. Any related costs for these actions will be added to the delinquent owner’s account.
   a.   Engage professional collection agencies to collect payment
   b.   Pre-Notification of Lien & Record a Claim of Assessment Lien. ($50 charge to delinquent owners account)
   c.   Foreclose on the Claim of Assessment Lien
   d.   Institute a Small Claims suit or other legal action

NOTE: A $25.00 charge will be added to your account for any payment that is not honored (bad check, insufficient funds, etc.). If the first payment is not honored for any reason subsequent payment including applicable late fees must be by secured funds (cash, money order, cashier’s check).

Payment Option 2 - Quarterly

Quarterly payments are due upon receipt. NOTE: BEFORE SUBMITTING YOUR WEEK FOR EXCHANGE PURPOSES, OR DEPOSITING YOUR WEEK IN THE RENTAL PROGRAM, THE ENTIRE YEAR'S ASSESSMENTS FOR THE YEAR YOU ARE RESERVING MUST BE PAID IN FULL. IN ORDER TO FUND THE COST OF PROCESSING INSTALLMENT PAYMENTS, EACH QUARTERY PAYMENT AFTER THYE FIRST PAYMENT WILL INCLUDE A $7.00 SURCHARGE.

MAILING DATES

NOVEMBER 10th        1st QUARTER NOTICE
FEBRUARY 1st            2nd QUARTER NOTICE
MAY 1st                        3rd QUARTER NOTICE
AUGUST 1st                4th QUARTER NOTICE

DELINQUENCY DATES

JANUARY 1ST       THE ENTIRE ANNUAL ASSESSMENT IS DUE, OR IF INSTALLMENTS
                   ARE CHOSEN, THE 1ST QUARTER IS DUE
MARCH 1ST         2nd QUARTER DUE (IF QUARTERLY OPTION)
JUNE 1ST           3rd QUARTER DUE (IF QUARTERLY OPTION)
SEPTEMBER 1ST      4th QUARTER DUE (IF QUARTERLY OPTION)

If you have not paid your quarterly assessment amount IN FULL on the dates noted immediately above, your account is delinquent and the entire assessment amount becomes due and payable. Your voting rights are suspended. The quarterly option is no longer available to you for this fiscal year. If your account becomes delinquent, your reservations are canceled and you may not make or hold a reservation until their account is brought current. Exchange requests will not be confirmed and exchange travel privileges will be suspended. There is no guarantee that you will receive a reservation or confirmed exchange after you have brought your account current. The following charges are added to all delinquent accounts prior to the mailing of the final Assessment Billing Notice:

a.    Reinstatement Fee of $50.00
b.    Maximum interest allowed by law per month beginning January 1st, or whichever is         applicable
c.    Exchange, deposit, or confirmation cancellation fee of $25.00, if applicable

COLLECTIONS
The Board of Directors may, at its discretion, request any or all of the following actions. Any related costs will be added to the your account:

FEBRUARY1st              1st QUARTER NOTICE
APRIL 1st                      2nd QUARTER NOTICE
JULY 1st                        3rd QUARTER NOTICE
OCTOBER 1st                4th QUARTER NOTICE

a.      Submit delinquent accounts to an attorney for formal notification
       of default and demand for payment.
b.      Engage professional collection agencies to collect payment.
c.      Pre-Notifi cation of Lien & Record a Claim of Assessment Lien.
d.      Foreclose on Claim of Assessment Lien.
e.      Institute a Small Claims suit or other legal action.

*The above information was included with the statement of 2012 maintenance fees mailed to each owner.