CCP 06-30-2003 - Laserfiche WebLink

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. . . its discretion impose a one time late charge. Any such late charge shall be added to each installment thereof not paid on or before the tenth (10th) day of each month. The late charge shall not exceed five percent (5%) of the delinquent installment. All payments upon account shall be applied first to interest and then to late charges and then to the amount of assessment installments then due in the inverse order of their due dates. If any installment of assessment remains delinquent for thirty (30) days, the Board of Directors may, upon ten (10) days' written notice to any of the Owners responsible therefor, declare the entire amount of such assessment payable in the next twelve (12) months of that calendar year, immediately due and payable in full. 10.08 Association Funds. All sums collected by the Association from assessments may be commingled in a single fund, but they shall be held for and allocated to the Units in the respective shares in which they are paid and shall be credited to accounts from which shall be paid the Common Expenses. All assessments, both annual and special, shall become a lien on the Units on the first day of January in the year during which they are payable. 11.00 PARTY WALL AND OTHER EASEMENTS 11.01 General Rules of Law to Aoolv. Each wall which is built as a part of the original construction of the Units upon the Real Estate placed on the dividing line between the Units, and which affect a similar wall on another Unit, shall constitute a party wall. To the extent not inconsistent with the provisions of this Declaration or the Act, the general rules of law regarding party walls and liability for property damage due to negligence or willful acts or omissions shall apply thereto. 11.02 Sharino of Repair and Maintenance. The cost of reasonable repair and maintenance of a party wall shall be shared by the Owners who make use of the wall in proportion to such use. 11.03 Destruction bv Fire or Other Casualtv. If a party wall is destroyed or damaged by fire or other casualty, an Owner who has used the wall may restore it to its original condition, and if the other OWner(s) thereafter make use of the wall, they shall contribute to the cost of the restoration thereof in proportion to such use without prejudice to the right of any such Owner to call for a larger contribution from the others under any rule or law regarding liability for negligent or willful acts or omissions. 11.04 Weatheroroofino. Notwithstanding any other provision of this Declaration, an OWner who by the Owner's negligent or willful act causes the party wall to be exposed to the elements shall bear the whole cost of furnishing the necessary protection against such elements. 11.05 Arbitration. In the event of any dispute arising under the provisions of Sections 11.01 to 11.05, and if the same is not resolved within 30 days of the event causing the dispute, the matter shall be submitted to binding arbitration upon the demand of the Association or any Owner whose Unit shares the party wall. Each party 9