What you pay each month

It is each owner's responsibility to stay current with the following fees:

• Home Owners Association dues (condo fees)
• Beach Club membership dues
• Assessments, if any
• Optional: Other fees/charges

Fees are charged on a monthly basis by Isla de Oro. In addition, there is an annual property tax which is levied by the municipality.

HOA DUES (CONDO)

Home Owners Association dues (also referred to as condo fees) are the shared expenses of upkeep, salaries and other expenditures of running Isla de Oro, billed equally among all owners directly proportional to the size of each apartment: The more square footage you own, the more you pay. Owners of two similarly-sized apartments pay the same regardless of tower, location, the state or value of the apartment, etc.

This fee varies from month to month depending on how much has been spent. It is billed monthly after the close of each month, when we know the actual amounts which were spent in the month immediately prior.

All common utilities are included in the monthly bill for condo fees: Electricity, water, garbage collection, etc. Individual use of utilities is unmetered, and you pay this fee regardless of whether your apartment is being used or not.

AMOUNT: Varies (factors: size of your unit, and actual expenditures for each month).

BEACH CLUB MEMBERSHIP DUES (CLUB)

Each apartment comes with each own share in the beach club, and each share pays a monthly membership fee. This fee does not vary but is the same from month to month. It is billed monthly in advance, for the month in question. There is one fee per share, and one share per apartment, not per family member, regardless of how many members of the family use the beach club or how many membership cards have been issued.

AMOUNT: Bs 34,000 + tax (total Bs 38,760, or $18 at official exchange rate, 2006).

ASSESSMENTS, IF ANY (NONE CURRENTLY)

In the past, yearly or twice-yearly assessments were the norm at Isla de Oro, usually lasting for 3 consecutive months each.

However, the current condo board has a policy of not levying any assessments unless absolutely necessary. There are currently no assessments and no plans for any future assessments either, so this fee is not being charged at this point in time, nor is it likely that it ever will for the duration of the current condo board's term.

AMOUNT: N/A (not likely to be applied with current board in place).

OTHER FEES / CHARGES (OPTIONAL)

Optional fees and charges include personal add-on's such as maid service or a boat slip in our marina. They never appear automatically but must be requested by you specifically. You must contact Isla de Oro to turn these fees on or off.

Optional other fees and charges are normally not billed separately, but rolled into either your condo fees (HOA dues) or your club dues (membership fee). As a result, you only get 2 bills per month; one for condo and one for club with the extra optional fees and charges reflected individually within these two bills.

AMOUNT: Varies (0 for most owners).

COLLECTION POLICIES AND LATE PAYMENTS

We prefer prompt payments as this protects the cash-flow of Isla de Oro and the work which is being done to improve the property. In order to encourage prompt payments, the following policies are in place:

• Bills for club and condo are issued in the first week of each month. You have until the end of the month to pay them.
• If you pay after the month is already over, late payment charges of 1% per month is added to the balance due.
• If you pass the second month without paying, electricity is cut to your apartment (however, water is never shut off).
• After four months of non-payment, collection will be attempted through Isla de Oro's lawyers. This triggers a 20% penalty, in addition to the 1% per month interest. You can avoid this and any subsequent steps by contacting Isla de Oro, explaining the reason for your delay, and proposing a payment plan which will (if reasonable) normally be accepted by the board.
• Failing payment, by the seventh month, the lawyers will be able to use the legal system for collection. If this happens, the 20% fee will increase to as high as 30% at the judge's discretion. At this time, the judge will exhaust collection attempts and can put your apartment up for public auction in order to cover the debt.

If you are not sure how much you owe, please use the online system or contact Isla de Oro with your name and/or apartment number.