r< CORPORATE CERTIFICATE Dnr, LICO ESrArnS PROpBnry OmrsnS ASSoCL{IION The undersigned certifies that he/she is the President of Del Lago Estates Property Owners Association (the "Association"). The Association is the properly owners' association for del Lago Estates , a subdivision in Montgomery County, Texas, according to the map or plat thereof recorded in the Map Records of Montgomery County, Texas (the "Subdivision').
The Association is a Texas non-profit corporation, and a true and correct copy of the payment Plan Policy of Del Lago Estates Property Owners Association is attached to this certificate as Exhibit "A."
Signed this Y day of Augu st,2012.
DBT, LICO ESTATES PROPERTY OWNUNS ASSOCIATION E.J STATE OF TEXAS COLINTY OF MONTGOMERY $(, swoRN To AND SUBSCRIBED BEFORE ME on the b day of August,2}72,by E. J.
GIJZZO, PrESidENt Of DEI LAGO ESTATES PROPERTY OWNTNS ASSOCIATION, A TEXAS NON-PTOfit corporation, on behalf of said corporation. , ,i i-'By: Corporate Certif-20 1 2-Payment Plan Policy'wpdPage 1 of 2 C,OTiNTY OF MONTGOMERY $ This instrument was ackaowledged before me on ".til" day of Augu st,2l12,by E' J' G1zza,president of DBr- I-ACio ESTATES PROPERTY OwNERS-ASS0CLATTON, a Texas aon-profitTI{E STATE OF TEXAS corporation, on behalf of said corporation.
AFTER TIECORDING RPTUNX TO: BryanP. Fowler The Fowler l-aw Firm 300 West Davis, Suite 510 Conroe, Texas 77307NOTARYPIIBLIC.
Corpomte Cutif-201?-Payrnent Plan Poliey.rvpdPago2 of 2 PAYMENT PLAN POLTCY OF Dnr, Lnco Esra'rns Pnopnnrv OwNrns Assocrauox WHEREAS, the properry affected by this Payment Plan Policy is subject to certain dedications, covenants and restrictions (the "Declaration") as set out in instruments recorded in the
OwNrns Assocrauox WHEREAS, the properry affected by this Payment Plan Policy is subject to certain dedications, covenants and restrictions (the "Declaration") as set out in instruments recorded in the official Public Records of Real Property at Montgomery county, Texas; and WIIEREAS, pursuant to the authority vested in Del Lago Estates Property Owners Association (the "Association") in the Declaration and as required by the TrxaS PROPERTY CODE, the Board of Directors ofthe Association (the "Board") herebypromulgates the following Payment Plan Policy.
NOW, THEREFORE, BE IT RESOLVED thatthe following conditions and requirements are hereby established for Association Payment Plans: 1. Subject to Section 12 below, owners are entitled to make partial payments for delinquent amounts owed to the Association under a Payrnent Plan in compliance with this Policy.
2. Late t'ees, penalties and delinquent collection related fees will be not be added to the owner' s account while the Payment Plan is active. The Association may impose a fee for administering a Payment Plan. Such fee, if any, will be listed on the Payment Plan form and may change fiom time-to-time. Interest will continue to accrue during a Pa1'rnent Plan as allowed under the Declarations. The Association can provide an estimate of the amount of interest that will accrue under any proposed plan.
3. All Payment Plans must be in writing on the form provided by the Association and signed by the owner.
4. The Payment Plan becomes effective and is designated as "active" upon: a. receipt of a fully completed and signed Payment Plan form; and b. receipt of the first payment under the plan; and c. acceptance by the Association as compliant with this Policy'
as "active" upon: a. receipt of a fully completed and signed Payment Plan form; and b. receipt of the first payment under the plan; and c. acceptance by the Association as compliant with this Policy' 5. A Payment Plan may be as short as three (3) months and as long as eighteen (18) months based on the guidelines below. The durations listed below are provided as guidelines to assist owners in submitting a Pairment Plan' a. Total balance up to 2 times annual assessment ... up to 6 months; b. Total balance up to 3 times annual assessment ... up to 12 months; c. Total balance greater than 3 times annual assessment ... up to 18 months.
De1 ligo Estates Property Omers Assocratron Payment Plm Policy--2O I 2.wPd EXH!BIT o3 rt Alr,APage 1 6.
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11.On a case-by-case basis and upon request of the owner, the Board may approve more than one Payment Plan to be executed in sequence to assist the owner in paying the amount owed.
The individual Payment Plans may not exceed eighteen (18) months.
A Payment Plan must include sequential monthly payments. The total of all proposed payments must equal the current balance plus Payment Plan administrative fees, if any, plus the estimated accrued interest.
If an owner requests a Payment Plan that will extend into the next assessment cycle, the owner willbe required to pay future assessments by the due date in addition to the payments specified in the Payment Plan.
If an owner defaults on the terms of the Payment Plan, the Payment Plan willbe voided. The Association will provide written notice to the owner that the Payment Plan has been voided.
It is considered a default of the Payment Plan, if the owner: a. fails to return a signed Payment Plan form with the initial payment; or b. misses a payment due in a calendar month; or
as been voided.
It is considered a default of the Payment Plan, if the owner: a. fails to return a signed Payment Plan form with the initial payment; or b. misses a payment due in a calendar month; or c. makes a payment for less than the agreed upon amount; or d. fails to pay a future assessment by the due date in a Payment Plan which spans additional assessment cycles.
In the absolute discretion of the Association, the Association may waive default under item b, c or d above if the owner makes up the missed or short payrnent on the immediate next calendar month paynent. The Association may, but has no obligation to, provide a courtesy notice to the owner of the missed or short payment.
On a case-by-case basis, the Association may agree, but has no obligation, to reinstate a voided Payment Plan once during the original duration of the Payment Plan if all missed payments are made up at the time the owner submits a written request for reinstatement.
If a Payment Plan is voided, the full amount due bythe owner shall immediatelybecome due.
The Association will resume the process for collecting amounts owed using all remedies available under the Declarations and the law.
12. The Association has no obligation to accept a Payment Plan from any owner who has defaulted on the terms of a Payment Plan within the last two (2) years.
This is to certifli that the foregoing Payment Plan Policy was adopted by the Board of Directors, effective as of AugustY-tt,ZOtZ, until such date as itmaybe modified, rescinded or revoked.
The Board of Directors hereby approves and authorizes the above Policy.
De1 Lago Estates Property Omers Assoclafion Paymmt Plan Policy--20 I 2.wpd8.
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authorizes the above Policy.
De1 Lago Estates Property Omers Assoclafion Paymmt Plan Policy--20 I 2.wpd8.
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Page2 De1 Lago Estates Property Owners Association Payment Plan Policy-20 l2.wpd Page 3 Doc# 2012079447 FILED FOR RECORD 0812012012 1 1:30AM 74,1 .W COUNTY CLERK MONTGOMERY COUNTY. TEXAS STATE OF TEXAS COUNTY OF MONTGOMERY I hereby certify this instrument was filed in file number sequence on the date and at the time stamped herein by me and was duly RECORDED in the Official Public Records of Montgomery County, Texas.
08t2012012 $;*. '/ t'/ countvcrerkx&g# Montgomery countY. Texas