Each year your Board of Directors determines the annual assessment to provide the necessary funds for maintenance, landscaping and beautification of Common areas and recreational facilities and for their repairing and replacement as needed Each lot owner receives an invoice for the assessment prior to the beginning of the year. The entire amount is due and payable by January 31st of the new year. For your information, any assessment not paid within 30 days after the due date is subject to interest from the due date at seven percent (7%) per annum.

The Board recognizes that this country is in a deep recession affecting all of us to varying degrees and each of us must prioritize our needs and reduce our spending to the extent possible. That approach also applies to managing the finances of the Westlake Village Homeowners Association. The Budget adopted by the Board has been carefully drawn to keep our village as a beautiful and desirable place to live and at the same time to reduce expenses to a minimum. As expenses must be keep to a minimum so must income be maximized. Therefore, every resident has a stake in the outcome. Failure to pay an assessment by a resident has a negative impact on all residents.

Article VII Section Six in the Declaration of Covenants spells out the responsibility of the Board relative to non-payment of assessments. If your assessment is not received by March 2nd, your account will be referred to our attorney for collection. You will receive a Demand Letter from our attorney for immediate payment of the assessment plus interest and all legal expenses. Failure to pay within 45 days after the date of the letter will cause a lien to be filed. If, after another 45 days, the total amount is still not paid, the property will be subject to foreclosure.

The Board has agonized over how to best protect the financial interests of all our homeowners and feel this is the most impartial policy we can stick to...the prompt and full payment due as laid out in our governing documents. Thank you in advance for your support and understanding.