In fairness to all owners, effective July 1, 2024, we have established the following rules and regulations for delinquent assessments. Copies of these rules are being provided to every owner. Then, monthly Delinquency statements are mailed, including the amount due, the due date, and information on the next step that will be taken if payment is not received.
Rules and Regulations on Delinquent Assessments:
Assessments are delinquent when the payment has not been received by the due date, the fifth day of the month. Any assessment, or installment thereof, not paid when due shall also bear interest at 18 percent per annum. A 15-day grace period is provided for receipt of payment, after which the property is assessed a late charge of $5.00 as defined by MD. Real Property Code § 11-110 (2023).
Assessments may include, but are not limited to, the annual (regular) assessment, special assessments, late charges, interest, fees, fines, attorney fees, collection costs, and court costs. The fees and penalties are the responsibility of the delinquent owner(s). The Declaration (Covenants) establishes that an assessment is a continuing lien upon the property and a personal obligation of the owner.
The annual assessment is determined as part of the annual budget at the meeting. The annual assessment may be paid monthly, quarterly, or annually, with payments due on the first day of the payment period. Assessment payments shall be applied to the oldest assessment first and progress toward the most recent assessment.
Statements may be provided by mail, e-mail, or coupons to remind homeowners of a quarterly assessment’s amount and due date. The Joint Venturist must remember to pay by the due date even if a statement is not received. An owner may request consideration by the Trustees to defer payment due to extenuating circumstances.
If a check is returned, the account becomes delinquent, plus there is a charge of $35.00 for the returned check.
All Joint Venture original agreements are posted on www.ocjv.info. The following is from the Joint Venture original agreement.
17: C. COLLECTION OF MONTHLY DUES. The Venturers hereby empower the Trustees, to take whatever action they deem necessary to collect monthly fees from any Venturer who shall be more than thirty (30) days delinquent in same, including, but not limited to, denying access to a rotating week to any Venturer who is delinquent as indicated above.
Denial shall be by use of a combination lock-out box. The Venturers agree that such a step may be necessary to protect the interest of the remainder of the Venturers.
If, in the event any owner of any proportionate interest becomes delinquent by ninety (90) days or one-quarter year, then in that event the remaining Venturers shall have the right to purchase the Venturers interest according to paragraph 13 hereof.
The members shall make a good-faith effort to resolve disputes first with the Owner. The delinquent party is forewarned that if court proceedings are necessary to resolve a dispute, the court shall award reasonable collection costs, attorney fees, and other costs to the prevailing party.