The following is the Assessment Billing and Collection policy for The Cove at Yarmouth Resort Hotel Condominium Trust as adopted by the Board of Trustees/Directors on May 26, 1988, and as amended on September 15, 2000.

NOVEMBER 1ST
You will be mailed the First Assessment Notice for the next year's assessments. Payment is due upon receipt. NOTE: BEFORE ANY TYPE OF USE INCLUDING SUBMITTING YOUR WEEK FOR EXCHANGE PURPOSES, OR DEPOSITING YOUR WEEK IN THE RENTAL PROGRAM, THE ENTIRE YEAR'S ASSESSMENTS FOR THE YEAR YOU ARE RESERVING, MUST BE PAID IN FULL.

DECEMBER 15TH
A reminder notice is sent to all owners who have not paid to date.

JANUARY 1ST
Delinquency Date. If you have not paid your assessments, your account is delinquent.

If you are delinquent, the following charges are added to all delinquent owner accounts:
     a. An Administrative fee of $70.00
     b. Maximum interest allowed by law per month beginning January 1st. (1.5% per month.
     c. An exchange, deposit, or confirmation cancellation fee of $25.00.

If you are delinquent, your reservations are cancelled and you may not hold or make a reservation until your account is brought current. Exchange requests will not be confirmed. There is no guarantee that you will receive a reservation or confirmed exchange after you have brought your account current. Once your account is current, Float Owners must resubmit a request for another week within your season.

You will be mailed a final Assessment Billing Notice, including all penalties, fees, and interest. You must pay all charges in full to have your occupancy and voting rights reinstated. Use weeks resulting from delinquencies are available for Bonus Time, Vacation Time, and the Administrative Hold Program. Net proceeds are used to offset collection costs, assessment liens, foreclosures, and shortfalls in the Trust's operating account.

FEBRUARY 1ST
Management will send a notice detailing all charges and fees that will be added if the delinquent account is not paid in full in fifteen (15) days.

The board of Trustees/Directors may, at its discretion, submit delinquent accounts to an attorney for formal notification of default and demand for payment (Legal Notice). The cost of Legal Notice will be added to the delinquent owner's account.

MARCH 1ST
The Board of Trustees may, at its discretion, implement any of the following actions. Any related costs for these actions will be added to the delinquent owner's account.
     a. Engage a professional collection agency to collect payment.
     b. Pre-notification of Lien & Record a Claim of Assessment Lien.
     c. Foreclose on the Claim of Assessment Lien
     d. Institute a Small Claims suit or other legal action.
 

NOTE: A $25.00 charge will be added to your account for any payment that is not honored (bad check, insufficient funds, etc.). If the first payment is not honored for any reason, subsequent payment including applicable late fees must by secured funds (money order or cashier's check).

Managed by Vacation Resorts International

A Professional Management Company Since 1964 - System 9900