BYLAWS OF THE GREENBRIAR FARMS HOMEOWNERS' ASSOCIATION

Section 9. Effect of Nonpayment of Assessments. Any Assessment or other charge not paid when due shall be delinquent.

If the Assessment is not paid within thirty (30) days after the due date:

a. the Assessment will be determined according to the Greenbriar Farms Delinquent Assessment Policy;

Greenbriar Farms Delinquent Assessment Policy Effective 8/23/05:

  1. 15 days after the due date a reminder letter, including the above section of the by-laws, will be sent to the property owner with a copy of the current bill.

  2. 30 days after the due date a new bill will be issued which will include 10% interest per annum on the unpaid amount and a $25 late fee and any costs in excess of regular postage. This amount will be due within 30 days.

  3. The new bill will also include a statement as to what the amount due will be if paid after 30 but before 60 days and if paid after 60 but before 90 days. No additional bills will be sent.

  4. Each subsequent month, the new amount will reflect interest on the entire unpaid balance, a $25 late fee and any costs in excess of regular postage.

  5. If the amount due is not paid within the 90-day period, the matter will be referred to an attorney to place a lien on the property.

b. the Assessment together with the interest due and the Association's costs of collection (including reasonable attorney fees) shall become a charge and continuing lien on the Lot and all improvements thereon;

c. the Association may bring an action at law against Owner to collect such delinquent Assessment, late charges, interest, fines, reasonable attorney's fees, and other costs of collection, or foreclose its lien against the Lot for such Assessment and additional charges.

No Owner may waive or otherwise escape liability for the Assessments and other charges provided for herein by nonuse of the Common Area or abandonment of his Lot.