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Why is a late charge assessed for payment after January 10?

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Why is a late charge assessed for payment after January 10?

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When assessments are unpaid, the Declaration prohibits use of the unit by the owner. In order to prevent such use, the on-site management office must be advised of non-payment, and a block on space bank use must be filed with RCI. Also, additional billing and collection efforts must be undertaken. The $50 late charge is an attempt to recover some of the extra costs associated with these efforts.

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