From: Emerald Hills Homeowners Association Treasurer
Date: July 30, 2005
To: Emerald Hills Property Owners
Subject: Statement of Dues Clarification

Our neighborhood is experiencing many re-sales of property; therefore I am currently receiving many questions about "partial dues payments". However, since our Emerald Hills subdivision is fully developed (except for one new construction home); no further "partial dues payments" or such calculations are necessary.

Each property owner (based on each lot, not home) of record as of July 1st of each year is sent a bill for dues to cover the fiscal period starting on July 1st and ending June 30th of the following year. For example, current bills were sent to every property owner as of July 1, 2005 for $50. This bill covers the period ending on June 30, 2006.

If a property in our neighborhood is sold during the fiscal period, the "closing attorney" for the real estate transaction should represent such a "prorated credit" to the property owner that sold and paid the yearly dues amount. This should be handled similar to how property taxes are handled, etc.

Update: As of this date, 129 out of 182 billable lot owners (or 71% compliance) have paid current year dues. I am sure the other 29% of our members have put their check in the mail! Further updates will follow…

Regards,

Larry Mattox
Emerald Hills Homeowners Association Treasurer