LPPOA Collection Policy

All property owners within the original purchase tract of Lake Parsippany
are required to pay a yearly Membership Fee. 
Delinquent Accounts are subject to our Collection Policy

The LPPOA Board of Directors as a part of its fiduciary duties must ensure that all properties pay annual fees.  As of November 13, 2023 the following collection policy is adopted

Property assessments are billed annually and are due by March 31st. Unpaid assessments result in suspended membership privileges, including voting rights.

Overdue accounts incur the following:

• Penalties: A $10 late fee is added after 30 days, along with 1.5% monthly interest. An additional $100 fee is added after 60 days, along with 1.5% monthly interest.
• Debt Collection:
  • A demand letter will be sent outlining all amounts owed (including potential acceleration of future assessments).
  • All fees and costs associated will be added to the delinquent account.
• Payment Allocation: Partial payments will be applied to the oldest outstanding charges. Partial payment doesn't prevent further collection efforts.

Membership rights are automatically suspended for any overdue account and are reinstated only upon full payment. Voting rights are revoked until the property is in Good Standing.

Notification to one property owner constitutes notification to all co-owners.

The Association retains all legal rights to collect outstanding debts.

A late notice will detail the arrears, the $10 late fee, and 1.5% interest. If unpaid after 30 days, the account is sent to a collection agency, incurring additional fees. After 60 days with the agency, a final demand letter is sent. If still unpaid, legal action will commence.