Brooks Tower HOA Owner Options
To meet lender terms, the HOA will provide a menu of options available to homeowners in Brooks Tower. This provides flexibility to owners according to their individual circumstances. The approved options are the following:
1. Pay in Full: A property owner may pay their full ownership percentage of the project expense up-front by January 4, 2019. If the property owner pays their full amount up-front, they will not be subject to interest charges and may receive a credit back upon completion of the project.
2. Monthly Payments: Property owners may pay monthly, beginning January 1, 2019, at a rate determined by amortizing the maximum balance of the loan.
3. Lump Sums: Property owners may pay monthly at the monthly starting rate. Property owners may also choose to pay lump sums up to twice a year to reduce their overall balance. The monthly payment due will be recomputed based on the reduced amount and interest charges will be reduced for the remaining balance.
4. Pay upon Sale: Units that sell during the Riser Project will have the option of paying off the full remaining balance at closing.