Winthrop Chambers Condo Association

TO: Condominium Owners of Winthrop Chambers

FROM: Trustees

SUBJECT: Condo Fees and Penalties

It has come to our attention as a board that many of our owners are running late on their payments and penalty fees. As a result, our subsequent payments to our vendors are also in jeopardy of being delayed more than we’d like. While we are confident that we can avoid an assessment to catch up with our recent one-time expenses; it will be necessary to collect our dues on a timely basis to ensure this.

As a result, the board has decided to raise the penalty for late payment from $25 to $50, starting on August 15th. All checks must be postmarked no later than the 15th of the respective month, or placed in the black drop box located in the foyer of Building #241 by the 15th no later than 8:00 P.M. Please be advised there will be no exception to this rule. If the check is not in the box by 8:00 P.M. it will receive a late status and the $50 fee will apply.

Our hope is to discourage future late fees and bring the association back into a debt free situation.

Please know that we will also be enforcing these dues and penalties through legal recourse if necessary. This means that we will send a letter of late payment after 60 days of incident, and then file for a lean against the owners property after 90 days from the date. This will apply to the monthly condo fee and/or applicable late fees, both independently and collectively. Owners who are currently in arrears of either a condo fee or late fee can expect to receive said letter on any fee due from the date it was incurred if 60 days have past by August 15th, 2011. Past due late fees incurred before the 15th will remain at the rate of $25, and after the 15th will be increased to $50. Also, please be advised that any money received currently will be applied to the first month the payment was due, and not applied to the current month, until your account is brought up to zero balance owed. Late fees will accrue independently from the monthly condo fee and payment will be applied the same manner as the monthly condo fee described above.

While we do not want to incur further hardships on our owners, these measures will help us ensure that we avoid an even harsher assessment to pay for the recent roof and wall repairs. If we can run on our projected collection and payment plan, we feel we can again be in a debt free situation by the end of fall.

If you have any questions please feel free to contact one of the trustees.

Sincerely,

Trustees of Winthrop Chambers