As members of the Association, all residents of Cedarfield 1 are required to pay an annual assessment of $450. The Assessment is be due in full in five (5) monthly installments of $90 each on the first day of January, February, March, April, and May.
The Board of Directors is responsible for budgeting all maintenance of common property within the Association including, but not limited to, maintenance and landscaping of common areas, swimming pool, sidewalks, plantings at village entrances, underground irrigation, etc. Funds are also used for social functions, neighborhood newsletter, and as necessary, legal fees incurred in the protection of the neighborhood.
The annual budget structure provides money for an unallocated reserve fund which is designated by the Board of Directors as an emergency fund. In the event of a natural disaster or through the course of regular wear, all Association properties including the swimming pool, sidewalks, common areas, etc. are the responsibility of the Association to repair. Therefore, the Board of Directors is strongly committed to building sufficient cash reserves for the replacement or improvement of amenities now in place, or to build amenities in the future. Proper care and maintenance of all common areas is a key factor in the protection and enhancement of our property values.
A $15 penalty fee will be added to the balance due for any account that is more than 30 days past due. Additional $15 penalties will be added every 30 days the account remains past due. When making a payment against your account, payment will be applied to fees before assessments.
If necessary, legal action will be taken by the Board of Directors against any property owner to collect delinquent assessments. In addition to assessments and fees, the member in question will be responsible for any legal fees incurred by the Association in the collection process. Prior to the pursuant of legal action, the Board of directors, through its management company, will notify the member in advance to attempt to avoid legal action. members whose accounts are delinquent will be barred from the use of amenities until the account is returned to good standing as mandated by the covenants.