Page 1 - Kings Point Property Owners Association - Alternative Assessment Payments

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ALTERNATIVE PAYMENT SCHEDULE FOR CERTAIN ASSESSMENTS
FOR KINGS POINT PROPERTY OWNERS ASSOCIATION. INC.

KINGS POINT PROPERTY OWNERS ASSOCIATION, INC.. a Texas Non-Profit
Corporation and Texas Property Owners' Association has adopted the following Policy to
establish a reasonable alternative payment schedule by which an owner may make partial
payments to the property owners' association for delinquent regular or special assessments or any
other amount owed to the association without accruing additional monetary penalties. For
purposes of this policy, monetary penalties do not include reasonable costs associated with
administering the payment plan or interest.

On written request. an owner is allowed to nav the amount owed to the Association in the
following manners:

(1) In four equal installments beginning with the first installment payable on the due
date as established by the Association and each successive installment due on the
last day of each month thereafter; or

(2) In two equal installments beginning with the hrst installment payable on the due
date as established by the Association and the second payment due on or before
the exniration of 90 davs thereafter.

An administrative fee of $40 will be assessed to any owner requesting an alternative
payment schedule. Otherwise, no penaity or interest will accrued provided the owner complies
with this the payment schedule as outlined in this policy.

The association is not required to enter into a payment plan with an owner who failed to
honor the terms of a previous payment plan during the two years following the owner's defauit
under the previous pal ment plan.

All payment plans must be approved by the Board of Directors. At its sole discretion, the
Board of Directors may approve other terms and conditions for payment consistent with
applicable law.

This policy is adopted in accordance with Section 209.0062 of the Texas Property Code.