I. The Board shall fix the annual assessment each year and communicate such in writing to all Members at least 30 days in advance of the beginning of the assessment period (January 1st), pursuant to the Bylaws (Article VII, Section 3).
II. The Board hereby establishes that the annual assessments will be billed and payable in full on January 1st of each year, with a 30 day grace period. However, Members may choose to pay quarterly installments, in advance, with the past due date of each quarterly billing assessment being the 30th of the month following the beginning dates of each quarter (January 1st, April 1st, July 1st and October 1st).
III. In the event a Member fails to pay their assessment by the due date(s) outlined in paragraph II, the assessment shall bear interest from the date of delinquency at the rate of ten percent (10%) per annum, compounded semi-annually until paid, pursuant to the Association Bylaws (Article VII, Section 7).
IV. If payment of the assessment is not received by the due date(s) outlined in paragraph II, the Board will mail the Member a letter from the Association (see attachment 1), informing them of their delinquency and requesting payment in full within 30 days of the date of the letter.
V. If payment is not received as requested in the first letter, the Board will mail the Member a second letter (see attachment 2) informing them of their continued delinquency and requesting payment in full within 15 days of the date of the letter. The letter will also inform the Member that failure to remit payment within 15 days will result in further collection efforts by the Association, up to and including legal action.
VI. If payment is not received as requested in the second letter, the Board will send a final letter (see attachment 3) to the Member requesting payment in full within 10 days of the date of the letter and that a lien will be placed against the property in question if payment is not received accordingly.
VII. If payment is not received as requested in the letter outlined in paragraph VI, the Board will proceed with filing a lien at the Henderson County Courthouse to last for a period of 180 days.
VIII. If payment is not received within 180 days of the placement of the lien, the Board will renew said lien for additional 180 periods until said lien is satisfied by the Member(s).
IX. When the amount in arrears exceeds $500.00, the Board will send the account(s) in question to an outside collections agency for further collection efforts, including reporting the amount in arrears to the appropriate credit reporting agencies (including, but not limited to, Equifax, Transunion, et al), in addition to maintaining the liens outlined in paragraphs VI, VII, and VIII.
X. The preceding notwithstanding, if the Board learns that a Member currently in arrears has listed their property for sale, the Board shall proceed with filing a lien immediately, with a notification letter mailed to the Member.

I, the undersigned, do hereby certify:
THAT I am the duly elected and acting Secretary of the Cinnamon Woods Owners Association, Inc., and,
THAT the foregoing revised Board Policy, to be effective this 2nd day of July 2002, was duly adopted at a meeting of the Board held on the 2nd day of July 2002.

IN WITNESS WHEREOF, I have hereunto subscribed my name as Secretary of the Association this ___ day of ___________, 2002.

______________________________________
Tara Johnson (signed)

North Carolina, Henderson County
I, ___________________, a Notary Public for said County and State, do hereby certify
____________________ personally appeared before me this day and acknowledge the due execution of the
foregoing instrument. Witness my hand and official seal, this the _____ day of ___________, 2002.
________________________
Notary Public
My commission expires ______________________________