The Village of Bailey Station Homeowners Association, Inc.

Board Resolution-October 31, 2001

Nov 28, 2001

Be it resolved, that the annual assessments provided for under Article VI, Section 2 of the Declaration of Covenants, Conditions and Restrictions for the Village of Bailey Station are due January 1st of each year, beginning January 1, 2002, and payable no later than January 10th or 30 days after the mailing date of the statement, whichever comes first. If the annual assessment or an installment thereof has not been paid by January 10th a late fee of $25.00 will be assessed. If the annual assessment or an installment thereof has not been paid by February 10th an additional late fee of $50.00 will be assessed. If the annual assessment or an installment thereof has not been paid by March 10th, a lien will be placed on the lot in question for the amount of the annual assessment plus late fees of $75.00 plus other costs of $258.00.

And, Whereas the Finance and Budget Committee of this Association has brought to the attention of this Board that the requirement for the payment of the Annual Assessment in one lump sum may result in an unintended hardship on a few of the Members of this Association and has recommended that this Board adopt an alternate payment plan which shall be an option available to any member of this Association with a fee based on the cost of money of $25.00 for each of the alternate payments, totaling $100.00 annually for the quarterly payment plan.

The Annual Assessment may be paid on a quarterly basis as follows:
A quarterly payment of 1/4 of the Annual Assessment adopted by this Board, plus the
$25.00 fee shall become payable no later than January 10th, April 10th, July 10th, and October 10th, of 2002. If the quarterly payment plus the fee has not been made by January 10th, April 10th, July 10th, or October 10th, a late fee of $25.00 will be assessed. If the quarterly payment has not been made by February 10th, May 10th, August 10th, or November 10th, 2002 an additional late fee of $50.00 will be assessed. If the quarterly payment has not been made by March 10th, June 10th, September 10th, or December 10th, 2002, a lien will be placed on the lot in question for the amount owed plus late fees of $75.00 plus other costs of $258.00.

According to Article VI, section 6, of The Declaration of Covenants, Conditions and Restrictions for the Village of Bailey Station:
Acceleration of Installments. Upon default in the payment of any one or more installments of the assessment levied pursuant to this Declaration, or any other installment thereof, the entire balance of said assessment may be accelerated at the option of the Board of Directors and be declared due and payable in full.