Assessments   2004 Annual Assessments As members of the Association, all residents of Cedarfield Plantation are required to pay annual assessments of $300.  These dues are payable in five installments or one lump sum.   The Board of Directors is responsible for budgeting all maintenance of common property within the Association including, but not limited to: maintenance and landscaping of common areas, swimming pool, sidewalks, plantings at village entrances, underground irrigation, etc.  Funds are also used for social functions, neighborhood newsletter, and as necessary, legal fees incurred in the protection of the neighborhood. The annual budget structure provides money for an unallocated reserve fund, which is designated by the Board of Directors, as an emergency fund of sorts.  In the event of any natural disaster or through the course of regular wear, all Association properties including the swimming pool, sidewalks, common areas, etc. are the responsibility of the Association to repair.  Therefore, the Board of Directors is strongly committed to building sufficient cash reserves for the replacement or improvement of amenities now in place, or to build amenities in the future.  Proper care and maintenance of all common areas is a key factor in the protection and enhancement of our property values.   Delinquency fees  A delinquency fees for late payment of annual dues was begun in an effort to collect dues in a more timely fashion.  Because of the high rate of success, this process will continue.  A $10 penalty will be added to the assessment, by the Property Manager, for each payment received after the 15th of the month in which payment is due.  An additional $10 fee will be added for each subsequent month in which payment is not received by the 15th of the month.  These delinquent accounts will continue to accrue on a monthly basis, until payment is made in full.  Delinquent charges are necessary for the encouragement of timely payment of assessment installments. If necessary, legal action will be taken by the Board of Directors against any property owner to collect delinquent assessments.  Additionally, the member in question will be responsible for any legal fees incurred by the Association in the collection process.  In all pending legal matters, the Board of Directors, through it’s management company, will notify the member in advance, in an attempt to avoid legal action.  Members whose assessments are delinquent will also be barred from the use of the amenities mandated in the covenants. Additionally, legal action may also be taken in the event of refusal to comply with the covenants and restrictions.  It is the responsibility of each member to obtain his or her own copy of all documents governing the neighborhood.  If any member does not have copies of all documents, they should contact their closing attorney.  If that fails, contact the Property Manager.