The following Collection Rules were approved at 02 February 2009 Annual Meeting.
  
Lookout Point Condo Association Fee/Assessment Collection Rules 01 March 2009
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NEW RULES:

1. On the 1st day of month, the sum of the current balance owed the Association
   plus maintenance fee plus any assessment,
   plus any costs and reasonable attorney fees incurred in collection,
   becomes the new balance owed the Association.

2. "DEPOSIT TIME" is defined as 9AM of the 1st day after the 10th of month that
   Bank of America, Cocoa Beach is open.

3. Any method of check delivery that pays the total balance due and is received by 
   DEPOSIT TIME will result in a ZERO balance.

4. A mailed check for total balance received AFTER DEPOSIT TIME 
   that is also a PERSONAL CHECK whose envelope is postmarked by the 7th, 
   OR is a BANK CHECK whose deduction is dated by the 3rd, will result in a ZERO balance.

5. If payment(s) received are insufficient to reduce balance to ZERO,
   a penalty of $25 or 5% of any payment-reduced balance (whichever is greater) is added.

   Exception: 
   No penalty will be charged if late payment is for a balance due = monthly fee that is 
   received by the 20th AND is 1st such occurrance in the calendar year.

6. Owners penalyzed are sent postal card statements approximately the 15th of month.
   asking for one of below payments to be made.
   
   a. Penalty of $25 for fee payment received late and previous balance = 0.
      Statement asks for payment = $25.
 
   b. Penalty of $25 for not paying total balance less than $500.
      Statement asks for payment of total balance + $25 penalty.

   c. Penalty of 5% for not paying total balance greater than $500,
      Statement asks for payment of total balance + 5% penalty.

      Ex: Mar fee not paid 275 + 25 penalty = 300 (statement sent 15 Mar). 
          Apr fee not paid 275
          Apr balance 275 + 300 = 575.
          Apr penalty = 575 x .05 = 29 penalty (rounded).
          Statement sent 15 Apr asks for payment of 575 + 29 = $604.         

END RULES
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Below is an excerpt from:  The 2007 Florida Statutes
 
Title XL
REAL AND PERSONAL PROPERTY Chapter 718
CONDOMINIUMS  
 
718.116  Assessments; liability; lien and priority; interest; collection.-- 


(3)  Assessments and installments on them which are not paid when due bear 
interest at the rate provided in the declaration, from the due date until paid. 
This rate may not exceed the rate allowed by law, and, if no rate is provided 
in the declaration, interest shall accrue at the rate of 18 percent per year. 
Also, if the declaration or bylaws so provide, the association may charge an 
administrative late fee in addition to such interest, in an amount not to exceed 
the greater of $25 or 5 percent of each installment of the assessment for each 
delinquent installment that the payment is late. 
Any payment received by an association shall be applied first to any interest 
accrued by the association, then to any administrative late fee, then to any costs 
and reasonable attorney's fees incurred in collection, and then to the delinquent 
assessment. 
The foregoing shall be applicable notwithstanding any restrictive endorsement, 
designation, or instruction placed on or accompanying a payment. 
A late fee shall not be subject to the provisions in chapter 687 or s. 718.303(3).