NVHA levies two annual assessments each year – the Annual Association Assessment and the Sewer System Sinking Fund Assessment.
The Annual Association Assessment is used exclusively to promote the health, safety, welfare, and recreation of the residents in the subdivision and for the improvement and maintenance of the Common Areas situated within the Subdivision. Each year, the Board estimates the total amount necessary to pay the Association operating costs, materials, insurance, services and supplies which will be required during the ensuing calendar year for the rendering of all services, together with a reasonable amount necessary for a reserve for contingencies and replacements. The current Annual Association Assessment is $151.00 per lot for lots around the golf course.
The Sewer System Maintenance Fund Assessment is used to establish and maintain a sinking fund for purposes of repair, reconstruction and replacement of the sewage disposal system owned by the Subdivision in accordance with its Agreement with Rock River Water Reclamation District. The current annual Sewer System Maintenance Fund Assessment is $75.00 per lot for lots around the golf course.
Assessments are due and payable on January 1 of each year in an annual installment. Any assessment not paid within thirty (30) days after the due date will be deemed in default and will bear interest from the due date at the rate of ten percent (10%) per year. NVHA may bring an action at law against the lot owner personally obligated to pay, or may foreclose a lien against the property. No lot owner may waive or otherwise escape liability for the assessments by non-use of the common area or abandonment of the specified lot.