UNIVERSITY TOWNHOUSES COOPERATIVE

LATE CHARGES AND NSF CHECK POLICY

1. Carrying Charges are due on (or before) the first of the month. For the safety of the cooperative and its members, the cooperative does not accept Cash or Credit Card Payments. Checks, money orders, bank drafts or certified personal checks are accepted. If it becomes necessary to use the services of an attorney when a member is delinquent with their carrying charges, court costs and attorney's fees will be added to the amount owed as provided in Article 19 of the Occupancy Agreement.

2. Payments not received in full before 4:30 PM on the 10th day of the month will be assessed a $10.00 late fee.

Payments received after 4:30 PM on the 20th of the month will be assessed another $10.00 late fee for a total of $20.00 in late charges. Payments received after 4:30 PM on the last day of the month will be assessed another $10.00 for a total of $30.00 in late fees. If any portion of a member's carrying charges remains unpaid after 4:30 PM on the 10th, 20th, or last day of the month, the member will be assessed the late charge.

If any one of these dates falls on a weekend or holiday, payments retrieved from the box at 8:00 AM on the following business day will not be assessed the corresponding late charge. The same deadline alterations for weekends apply to partial payments.

3. If any check is returned from the bank for insufficient funds, payment being stopped, or any other reason, it will be returned to the maker and will have to be replaced with a certified check or money order. Checks will not be redeposited. There will be a $25.00 charge for any returned checks in addition to any accrued late charges.

4. Any member who has given us two "bouncing checks" within a 24 month (2 year) period will no longer be allowed to pay by personal check for 24 months (2 years) from the date of the second “bouncing check”. If a third check “bounces” within the next 12 months following the 24-month probationary period, the member will no longer be able to pay with a personal check.

5. 7-day notices will be issued after the 20th of the month. NO personal checks will be accepted from anyone after the 20th. Payments after that date must be made by certified check or money order.

6. 7-day notices will be filed with the attorney's office after the 28th of the month. At this point, the member will owe all legal fees incurred (regardless of whether or not the member appears in court.)

7. A member whose payment record indicates delinquency will be reviewed by the Board of Directors to determine if their Occupancy Agreement should be renewed.