2019-05-22 CC Packet - Laserfiche WebLink

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C. The costs of insurance obtained by the Association, if any, may be assessed in proportion to value, risk or coverage, and the costs of utilities may be assessed in proportion to usage. d. Reasonable attorneys' fees and other costs incurred by the Association in connection with (i) the collection of Assessments and (ii) the enforcement of the Governing Documents against an Owner or Occupant or their guests, may be assessed against the Owner's Unit. e. Fees, charges, late charges, fines and interest may be assessed for failure to pay Assessments when due, as determined by the Board. f. If any damage to the Common Elements or another Unit is caused by the act or omission of any Owner or Occupant, or their guests, the Association may assess the costs of repairing the damage exclusively against the Owner's Unit to the extent not covered by insurance. g. If any installment of an Assessment becomes more than thirty (30) days past due, then the Association may, upon ten (10) days written notice to the Owner, declare the entire amount of the Assessment immediately due and payable in full. h. If Common Expense liabilities are reallocated for any purpose, Common Expense Assessments and any installment thereof not yet due shall be recalculated in accordance with the reallocated Common Expense liabilities. i. Assessments under Subsections 6.1 a.-g. shall not be considered Special Assessments as described in Section 6.3. 6.2 Annual Assessments. Annual Assessments shall be established and levied by the Board. Each annual Assessment shall cover all of the anticipated Common Expenses of the Association for that year. Annual Assessments shall provide, among other things, for contributions to a separate reserve fund sufficient to cover the periodic cost of maintenance, repair and replacement of the Common Elements. The entire Annual Assessment shall be due and payable in full at the time it is levied, but, at the discretion of the Board, may be paid in monthly, quarterly, or semi-annual installments, or as otherwise determined by the Board. There shall be no limitation on the right of the Board to subsequently increase the amount of the annual Assessment. a. Until a Common Expense Assessment is levied, Declarant shall pay all accrued expenses of the Association. b. After a Common Expense Assessment is levied, the Assessment may be increased by the Board annually. 13 Version for Council 05/22/2019