Please see the original document for full detail:

It can be found here: Payment Plan – recorded

1. Applicability.
   This policy only applies to delinquent regular assessments, special assessments or other amounts owed the Association prior to the debt being turned over to a “collection agent” as that term is defined by Section 209.0064 of the Texas Property Code.
   
2. Term.
   The term for a payment plan offered by the Association shall be a maximum of six (6) months, with the payments being equal in monthly amounts over the duration of the payment plan period.
   
3. Payment Plan Agreement.
   The Owner shall be obligated to execute a payment plan agreement (“Payment Plan Agreement”) which sets forth the total amount to be paid, the term of the payment plan, the due date for and amount of each payment, and the address to which payments are to be mailed or delivered. A payment shall not be effective until the Owner executes the required Payment Plan Agreement.
   
4. Sums Included in Plan.
   The Payment Plan shall include all delinquent regular and/or special assessments and other sums owed to the Association as of the effective date of the Payment Plan Agreement. The payment plan shall not include any assessments which have not become due and payable to the Association as of the effective date of the Payment Plan Agreement. The Payment Plan Agreement shall provide that any assessments or other valid charges that become due and payable to the Association per the dedicatory instruments of the Association during the term of the payment plan must be paid in a timely manner.
   
5. Grace Period.
   There will be a grace period of three (3) business days from the due date of a payment. If a payment is not received at the address set forth in the Payment Plan by the close of business on the third (3^rd) business day following the date on which the payment is due, the Owner shall be deemed to be in default of the Payment Plan Agreement.
   
6. Administrative Costs and Interest.
   The Association shall add to the delinquent assessments and other amounts owed to the Association to be paid in accordance with the Payment Plan Agreement reasonable costs for administering the payment plan, as follows: $25.00 (twenty five) for the preparation of a Payment Plan Agreement and $5.00 (five) per payment for receiving, documenting and processing each payment. During the term of the payment plan, interest shall continue to accrue on delinquent assessments at the rate provided in the applicable Declaration of Covenants, Conditions and Restrictions or Supplemental Declaration of Covenants, Conditions and Restrictions.
   
7. Monthly Penalties.
   During the term of the payment plan, the Association shall not impose any monetary penalties with respect to the delinquent assessments and other charges included in the payment plan, except as provided in Section 6. Monetary penalties include late charges and fees otherwise charged by the management company and/or Association and added to the Owner’s account as a result of the account being delinquent, if any.
   
8. Default.
   If an Owner fails to make a payment to the Association by the end of the grace period applicable to the due date for that payment, the Owner shall be in default of the Payment Plan Agreement, at which point the Payment Plan Agreement shall automatically become void. The Association may notify the Owner that the Payment Plan Agreement is void as a result of the Owner’s default, but notice to the Owner shall not be a prerequisite for the Payment Plan Agreement to become void. If the Association receives a payment after the expiration of the grace period, and before the Association notifies the Owner that the Payment Plan Agreement is void, the Association may accept the payment and apply it to the Owner’s account. The acceptance of a payment made by an Owner after the Payment Plan Agreement has become void shall not reinstate the
   Payment Plan Agreement.
   
9. Owners Not Eligible for a Payment Plan.
   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 (2) years following the Owner’s default under the previous payment plan.

This policy is effective upon recordation in the Public Records of Brazos County, and supersedes any policy regarding alternative payment schedules which may have previously been in effect. Except as affected by Section 209.0062 and/or this Policy, all other provisions contained in the Declarations or any other dedicatory instruments of the Association shall remain in full force and effect.