K. HOA ASSESSMENTS, CHARGES AND POLICIES

FCHOA Purchaser's Handbook - Revision Date: 2021-01-10

Owners, Builders, and sub-contractors must be in good standing with the Ford’s Colony Homeowners Association (FCHOA) and the ARC prior to commencement of construction and throughout the period of construction. If the Owners, Builders, or sub-contractors are not in good standing at any time, including being delinquent on assessments, fees, or charges or are considered in violation of FCHOA or ARC policies, the ARC will not allow the commencement of construction, may stop construction as applicable and will retain the surety deposit until the owner and/or builders and sub-contractors are back in good standing with the FCHOA and the ARC or the parties not in good standing are no longer involved in the job. The ARC may choose to forfeit surety deposits as liquidated damages and may require additional deposits prior to allowing construction to proceed. A member of the Homeowners Association is subject to both the governing documents of the HOA as well as the authority and powers granted to the Architectural Review Committee in the governing documents.

Owners must remain in good standing in terms of the governing documents of the FCHOA and the policies and procedures of the ARC. For example, an Owner who is in violation of the FCHOA rules or is delinquent in the payment of assessments may be prevented from starting construction or may be subject to a stop order during construction. The refund of the surety deposit will also be delayed until the Owner is back in good standing or may be forfeited if the ARC determines that the time taken for the Owner to restore good standing is delayed more than three months from the date of notification by the ARC or FCHOA. An Owner who is in violation of ARC policies and procedures may be referred to the FCHOA Covenants Committee or the Association’s legal counsel for violation of the governing documents which empowers the ARC to have policies and procedures. Construction that is not completed within 12 months of the start of clearing/site work and without an extension approved, will forfeit the deposit and may be subject to further action for the violation.