LAE DUES AND ASSESSMENTS POLICY BASIS:   As provided by paragraph 6.2 of the By-Laws, dues and assessments are determined annually by the Board of Directors in amounts sufficient to pay for the operating budget authorized by the membership at the Annual Meeting.  The fiscal year for the Association runs from July 1st to June 30th of the following year. ASSESSMENT:  An annual membership fee is billed to each owner entity of record (as recorded by deed at the Registry of Deeds) which relates to the "Administration" portion of the budget.  An annual maintenance assessment is billed for each lot owned which relates to the "Roads and Amenities" portion of the budget.  A copy of the current year budget is provided with the Minutes of the Annual Meeting mailed to all owners of record.  BILLING:  Bills for annual dues and assessments are mailed to each owner of record immediately after the budget is approved at the Annual Meeting (in the first week of July).  The Treasurer is authorized by the Board of Directors to grant a $10 discount to those members who pay in full by no later than July 31st.   Failure to pay in full by August 31st shall constitute a default of the member's obligation to the Association and will result in the assessment of a penalty in the form of interest calculated at 1.5% monthly (18% yearly) on the unpaid balance of the account calculated from July 1st.  Further, as noted in Article 1. of the "Land and Building Restrictions," which are an integral part of each deed of record, the Association may also record a lien on lot(s) for unpaid dues and assessments.  Filing of a lien will result in an additional charge of $50 to the member's account for related filing and administrative expenses.  In cases of habitual delinquency, the Association may also seek collection of amounts due by engaging the services of an outside collection agency, or by taking other legal action and all resultant costs shall be charged to the owner of record.  A charge of $10 will be assessed for a "bad" check returned unpaid by the bank. BOARD RESOLUTION:   The Board of Directors approved the following Resolution at its meeting on July 4th, 1992: "Pursuant to its duties and powers as set forth in the By-Laws, the Board of Directors hereby resolves to withhold LAE privileges from members who are delinquent in payment of the annual member dues and assessments.  These privileges include use of LAE private roads, marina including the boat launching ramp, tennis/basketball courts, beach house/area." POLICY ON ABUTTING LOTS UNDER COMMON OWNERSHIP:   In an effort to encourage disposition of lots owned by members who no longer pay their dues, as well as combining lots that are not individually suitable for septic usage but might be if a larger tract was available, the Board of Directors adopted the following policy at a meeting held on May 2nd, 1992:  "A single dues assessment shall apply for property owners who own abutting lots, said lots being contiguous to each other, which have been combined (merged) as a single lot of record by recorded deed and which have been annexed subject to the Subdivision Regulations of the Town of Washington." It should be noted that this policy amended by the LAE Board of Directors on April 15, 2000, effective July 1, 2000 is limited to combining four  (4) abutting lots of record. Any combination of five (5) abutting lots or more must come before the LAE Board of Directors for approval of a single dues assessment. Members who may want to take advantage of the dues policy should provide a copy of the recorded deed to the LAE Association Treasurer prior to June 30th of any year to have the revised dues assessment apply for the following fiscal year (July 1st - June 30th).  Only those members who have paid all dues, assessments and related charges and penalties are eligible to take advantage of this policy. laeduespolicy – revised 4/15/00