Please read this section carefully and save for
future references.
The Association mailed an update to all owners
on January 23, 2009. Paragraph five provided
owner’s information on the Assessment Fees
Collection Policy. The economy and downturn in
the real estate markets has caused coastline
condominium associations unit assessment fees
delinquency rates to escalate. This has caused
major shrinkage in the number of lenders
nationwide (around five) who now will approve
re-financing for owners and offer condo mortgage
loans to new buyers. The lenders are taking a
close look at the delinquency numbers within
each association that the condo loan application
is located. The mortgage lenders current policy
is to not provide financing to units within an
association if the total number of units 90 days
or more delinquency ratio is 25% or more.
Tidewater Beach currently is in good shape and
not anywhere near this number.
Unit Assessment Fees are due on the first day of
each quarter and the payment must be received in
the office of the Association by the 10th day of
the month following the first day of the
quarter. Those payments received after the 10th
will be assessed an 18.00% late fee from the
first day of the quarter. Owners whose payment
were not been received by the 10th will be
mailed a NOTICE from the Association on the 11th
day of the month asking that owner to please
remit payment before 30 days from the date of
the quarterly invoice to avoid the unit account
being turned over to the Association Attorney
for legal collections. Once this occurs, the
unit owner becomes responsible for the
assessment fee, late interest fee, legal fee,
lien & court cost fees and possibly other costs
that may be incurred.
Payments received will first be applied to late
interest fees, legal fees and recording fees
with the remaining funds applied against the
assessment fee invoice. The Association
normally applies a payment to the oldest invoice
outstanding.
In the event a lien is filed, it will be
recorded in Bay County, FL, the entire State of
Florida plus the county and state where the unit
owner resides if outside the State of Florida.
The Florida Statues and Tidewater Beach
Condominium Documents states an owner is
responsible for payment of the unit assessment
fee regardless of if the Association sends
Notice (Invoice) or not. If no notice is
provided then the owner may assume the quarterly
assessment fee is the same as the last quarter
and remit same. In this case, the Association
would bill the unit owner for additional amount
due.
The Accounts Payables and Receivables are
handled by the HOA Central Office located in
Fort Walton Beach. Last December, the
Association changed its policy from mailing out
quarterly invoices and statements to a new
coupon book format. Colonial Bank mailed each
unit owner a cover letter with the unit’s four
(4) quarterly coupons for fiscal year 2009.
Each coupon has the unit number, amount of
assessment fee due, due date and a new mailing
address (lockbox) to mail your check and
coupon. The administrative assistant handling
Tidewater Beach is Belinda Atherton. Her
contact information is
(850) 301-3448 Telephone
(850) 243-0532 Fax
batherton@resortquest.com (E-Mail Address)
Like any corporation, the Association has
expenses and must have enough cash to pay for
these expenses. The Association gets its funds
from the regular and special assessments. The
failure of unit owners to timely pay as required
causes the Association cash flow problems
and also cause the Association to
incur additional costs, which hurt all of the
members of the Association.
The Developer continues to work on a
solution for water leaks caused by certain
heavy rains and storms in various unit
stacks. Mike Henry acting as the developer
representative has emailed all owners who
experienced leakage such as in the bay
window stacks. Walton Construction Company,
Inc. and its sub-contractors are legally
responsible for the repairs. The developer
has repeatedly pressed the contractor to
complete the repairs for all units. The
Association also has asked the developer to
get the repaired done and also filed a
property insurance claim on the leaks as a
backup to the contractor performance.
OTHER NEWS
Robin Eldridge, Administrative Assistant
working with me in the Association Office
was out earlier this year for several weeks
due to health issues. She was feeling great
and returned to work a few weeks ago but has
experienced a setback in her recovery and
may or may not be in the office during the
next few weeks. Tracy Macon is a Kelly
Services temp employee currently working in
the office during limited hours and will
handle your requests if Robin is not
available. We have set up a new email
address for her as we cannot access Robin’s
email account. The HOA email address is
tdwhoa@resortquest.com. Those of you
who email Robin may want to send a copy to
Tracy and me.
Our office and other staff members continue
to receive wonderful comments on the overall
image and clean condition of the property.
Mr. Bugajsui, a guest last week of the
property took time to come in the office and
let us know he has been staying in condos
regularly during the last 25 years and has
never experienced the high level of
cleanness and property maintenance. He also
was very complementary of the entire staff.
This same message is being received weekly
from other guests and many of you owners.
On behalf of the staff-THANK-YOU.
OWNERS NON-BINDING SURVEY
The survey was completed May 15, 2009. The
owner participation was outstanding with a
72.3% (344 units) response of non-developer
owned units. The Board of Directors
received a copy earlier and the survey will
be placed on a future board agenda to view
and discuss. We
appreciate your response and time on this
survey.
NOTE: If the Association amends the current
pet policy, all existing owners with pets
will be "grandfathered" in.
