4.11 Nonpayment of Assessments

FCHOA Declaration of Protective Covenants - Revision Date: 2022-05-20

The Assessment liens provided for in this Declaration may be perfected and enforced in the manner provided by Va. Code Ann. § 55.1-1833. A statement from the Association showing the balance due on any Assessment shall be prima facie proof of the current Assessment balance and the delinquency, if any, due on a particular Lot. The Association shall be entitled to foreclose the lien, and/or bring an action at law against any Owner personally obligated to pay the same, either in the first instance or for a deficiency judgment following foreclosure.  Late fees, interest from the due date, all costs of collection, reasonable attorney’s fees, court costs, postage/delivery fees, administrative fees or charges, and other amounts provided or permitted by law shall be added to the amount of such Assessment and shall be secured by the assessment lien.  Late fees, interest, all costs of collection, reasonable attorney’s fees, court costs, postage/delivery fees, administrative fees or charges, and any other amounts provided or permitted by law shall be added to the account whether or not any legal action is initiated. The Board is authorized to establish, from time to time, the amount of the late fees and the interest rate to be charged to the account, and may change the initial late fees or interest rate as set forth herein. Assessments that are unpaid for a period of ten (10) days after the due date shall incur an initial late fee of five percent (5%) of the unpaid assessment.  Interest shall accrue on the unpaid assessment from the due date at the rate of twelve percent (12%) per annum until paid. Upon the failure of an Owner to pay any installment when due, the Board may accelerate the remaining year’s installments and declare the entire amount due and payable.