el KINGWOOD FOREST HOMEOWNERS ASSOCIATION, INC.
PAYMENT PLAN POLICY WHEREAS, the Kingwood Forest Homeowners Association, Inc. (the “Association”), a Texas non-profit corporation which is governed by its Board of Directors (the “Board”), is the governing entity of the Kingwood Forest Subdivision and is authorized to enact this Policy; and WHEREAS, these Regulations apply to the operation and utilization of property within the Kingwood Forest Subdivision addition in Victoria County, Texas, according to the maps or plats thereof, recorded in the Map Records of Victoria County, Texas, as follows: Kingwood Forest Subdivision, a subdivision in Victoria County, Texas according to the established map and plat of said addition of record in Volume 6, at page 298 of the Plat Records of Victoria County, Texas, along with any amendments, supplements and annexations thereto; WHEREAS, the Board of Directors of the Association desires to enact a Payment Plan Policy in compliance with the Texas Property Code; NOW THEREFORE, in accordance with the foregoing: This payment plan policy was approved by the board of Directors for , 2014.
1. Owners are entitled to one approved payment plan to pay their annual assessments.
2. All payment plans require a down payment and monthly payments.
3. Upon request, all Owners are automatically approved for a payment plan consisting of 25% down, with the balance paid off in three (3) consecutive monthly installments.
4. If an owner defaults on the payment plan, the payment plan is automatically terminated and the Association is not obligated to make another payment plan with the owner for the next two years.
5. Alternative payment plan proposals must be submitted to and approved by
matically terminated and the Association is not obligated to make another payment plan with the owner for the next two years.
5. Alternative payment plan proposals must be submitted to and approved by the Association. The Association is not obligated to approve alternative payment proposals.
6. The Association cannot charge late fees during the course of a payment plan, but can charge interest at the rate it is entitled to under its Governing Documents and can charge reasonable costs of administering the payment plan.
KINGWOOD FOREST HOMEOWNERS ASSOCIATION, INC.
CERTIFICATION “|, the undersigned, being the President of Kingwood Forest Homeowners Association, Inc. hereby certify that the foregoing Resolution was adopted by at least a majority oye Association Board of Directors.”
Va , President Print name: ; | 2-4 Date: 9 -JO-)4 STATE OF TEXAS § § COUNTY OF VICTORIA § BEFORE ME, on this |O day of SUI , 2014, personally appeared HY: eS _, President of the Kingwood Forest Homeowners Association, Inc. and executed this Agreement with the authority and for the purposes contained herein, and as the act and deed of the Association.
LISA KRISTYNIK Notary Public State of Texas EL RAI AI A J After recording return to: Kingwood Forest Homeowners Association, Inc.
c/o Preferred Management Services, AAMC® P.O. Box 690269 Houston, TX. 77269 FILED AND RECORDED OFFICIAL PUBLIC RECORDS Robert S. Cortez, County Clerk Victoria County Texas July 28, 2014 68:53:57 AN DHYAK FEE: $20.00 201408166 AFT