PART 2 — TERMS & CONDITIONS
1. ACH Authorization
You authorize Alpha Association Management to make recurring ACH debit entries from the bank account listed in Part 3. Each draft is made up of (1) your regular assessment then due, if any, and (2) the additional payment-plan amount shown in Part 1, which is applied to your past-due balance. The additional payment-plan amount stays the same and will not change unless you sign a new authorization form. Your regular assessment, if any, is drafted at the rate then in effect and may change if your association’s assessments change. This authorization stays in effect until the balance identified by the Association for this Payment Plan is paid in full, or until you give written notice to cancel at least 10 business days before the next scheduled draft. Cancellation notice must be sent to Alpha Association Management at [email protected].
2. Sufficient Funds
Because your payments are drafted automatically, please keep enough funds available in your account on each scheduled draft date. If a scheduled draft does not clear, it is handled as a returned payment under Section 3 below.
3. Returned / NSF Payments
If any ACH payment is returned, rejected, or fails for any reason (including insufficient funds, a closed account, or incorrect banking information), a $50.00 returned-payment (NSF) fee will be added to your account. A returned or failed payment may also result in cancellation of this payment plan, with late fees and any collection costs resuming on the account going forward as provided in the Association’s governing documents, and the Association pursuing any collection or legal remedies available under its governing documents and applicable law.
4. Late Fees While on This Plan
While this payment plan is active and your payments are clearing on schedule, the Association will not charge new late fees on your past-due balance. If this plan is cancelled, or a payment is returned (see Section 3), this waiver ends and late fees and any collection costs apply again going forward, as provided in the Association’s governing documents and applicable law. Late fees that were waived while the plan was active will not be added back.
5. Future Assessments
You remain responsible for all regular assessments that become due during this Payment Plan, in addition to paying down your past-due balance. For monthly-billed accounts, your current assessment is drafted together with the additional payment-plan amount (see Part 1). Falling behind on assessments that come due during the plan may place this Payment Plan in default.
6. No Waiver of Rights
This Agreement does not waive the Association’s right to pursue collection actions if the payment plan is breached or payments are not made as agreed.
7. Notices
Any notices about this plan — including a notice about a returned payment or a cancellation — will be sent to the property address on file. If your mailing address is different from the property address, please list it in Part 3 so we can update our records.
8. Entire Agreement
This document is the full agreement regarding this payment plan and replaces any prior discussions or arrangements.
