Posted:
In the previous post, somehow the psoting software ate everything in angle brackets. Here is the data again using square brackets to indicate variable fields:
PAYMENT AGREEMENT
THIS PAYMENT AGREEMENT AND MUTUAL RELEASE by and between [Association] and [homeowner], is entered into on the date of July 2, 2010 execution hereof by the last party executing below.
WHEREAS, [homeowner] is the owner of certain real property located at [address] located within [Association] and subject to the provisions of the Declaration of Protective Covenants for [Association];
WHEREAS, the Declaration obligates all owner of lots within the [Association] to pay assessments and other charges levied pursuant to the Declaration, and the Association’s Board of Directors has the authority and obligation to collect such sums from members of the Association and the parties hereto desire to settle a dispute regarding unpaid assessments and charges due to the Association;
NOW THEREFORE, for and in consideration of the mutual covenants herein, the parties agree as follows:
_____ 1. As of July 1, 2010 [homeowner] owes the Association the sum of $4,875.47. However upon successful completion of the terms of this agreement and payment by [homeowner] of $3,012.00, the Association will forgive $1,863.47 of this amount.
_____ 2. A sum not less than $200.00 shall be payable on the first day of each month starting on August 1, 2010, and the total of $3,012.00 must be repaid within 16 months.
_____ 3. [homeowner] understands and agrees that he/she/they will be responsible for paying in a timely manner all future annual and other assessments, including future years’ assessments, levied by the Association against its members after the execution of this Agreement.
_____ 4. The Association has agreed to this payment plan in lieu of taking further action against [homeowner] at this time and hereby agrees to forebear from filing suit, so long as [homeowner] performs fully his/her/their obligations as set forth herein. In consideration of [homeowner]’s compliance with this Agreement, the Association hereby releases [homeowner], his/her/their successors and assigns, from any and all claims, demands, rights and causes of action of any kind, known or unknown, related to the sums specified herein, including additional interest and collection costs accruing thereon.
_____ 5. In consideration of the Association’s agreements and forbearance from action as provided herein, [homeowner] hereby releases, the Association, its officers, directors and agents, from any and all claims, demands, rights and causes of action of any kind, known or unknown, related to the collection of the sums specified herein, and actions and communications related to the debt owed.
_____ 6. If [homeowner] fails to make payments as required by this Agreement, the Association shall have the right to immediately declare the Agreement null and void and pursue any and all available legal remedies, including filing legal action, to collect the full balance owed and fees authorized under the Declaration. This agreement does not constitute a waiver of any liens or other rights the Association may have under [State] law.
_____ 7. Any and all payments called for herein are to be made payable to the Association and mailed to [Association address].
The undersigned hereby execute this Payment Agreement and Release on the data of execution by the last party executing below. This agreement supersedes any prior payment agreement.
[Association]
By: _____________________________
[Name]
(Agent for [Association])
Title: Treasurer
[Association]
Date: _______________________
[homeowner]
By: _____________________________
Date: _______________________