This form may be used to comply with the requirements of Tex. Prop. Code § 209.0062. The minimum term for a payment plan is three months. The maximum term is eighteen months from the date of the owner’s request for a payment plan.
Guidelines for Alternative Payment Plans
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Date: |
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Property Owners’ Association: |
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Property Owners’ Association’s Address: |
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Subdivision: |
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Payment Plan Guidelines: |
[describe terms that will govern all payment plans] |
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Administrative Fee: |
[state amount of fee and how often it accrues] |
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Annual Interest Rate: |
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The Property Owners’ Association establishes these guidelines to allow owners who are delinquent in payment of a debt to the Property Owners’ Association to pay the debt in partial payments to avoid monetary penalties. However, delinquency in payment of a debt [may/will] result in nonmonetary penalties, such as loss of privileges.
Payments under a payment plan will incur the Administrative Fee and interest at the Annual Interest Rate.
To be entitled to pay a debt under a payment plan, an owner who is delinquent on a debt must submit a written request to the Property Owners’ Association.
Owners can make no more than [number] requests for a payment plan within a twelve-month period. The Property Owners’ Association is not required to enter into a payment plan agreement with an owner who failed to honor the terms of a previous payment plan agreement during the two years following the owner’s default under the previous payment plan agreement.
[Name of property owners’ association]
By
[Name and title]
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Include acknowledgment. |