What happens if I don’t pay the fees?

The principal amount plus interest at 18% per annum will accrue on the property. At the time your home is sold, unpaid fees to the HOA will be deducted from the sale proceeds. If there shall be a default in any of the amounts due to the HOA by the Owner and secured by this rent charge, then the amount in default shall bear interest at the rate of fifteen per cent (15%) per annum added to the prime commercial lending rate of the Royal Bank of Canada (Calgary Main Branch) (or at such lesser rate if so provided in the by-laws of the HOA) calculated monthly not in advance before and after judgement and payment of such arrears and such interest is secured by these presents.