The Board has determined that the Association will implement a monthly late payment charge of $25 for all past due accounts effective September 1, 2013. The charge is in accordance with the Association’s right to recover expenses incurred by reasons of non-payment and such past due balances may also be subject to interest at the rate of 12% per annum. Owners with separate water accounts may be subject to two late fees if both the maintenance and water accounts are past due.