pf_02891 - Laserfiche WebLink

Home

Section 2. Section 1. Section 2. e. Fees, charges. late charges, fines and interest may be assessed, as provided in Sect. 515B.3-116(a) of the Act. f. Assessments levied under Sect. 515B.3-116 of the Act to pay a judgment against the Association may be levied only against the Units existing at the time the judgment was entered, in proportion of their common expense liabilities. g. 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 cost of repairing the damage exclusively against the owner's Unit, to the extent not covered by insurance. h. If any installments of an assessment becomes more than 30 days past due, than the Association may, upon 10 days written notice to the owner, declare the entire amount of the assessment immediately due and payable in full. i. If common expense liabilities are reallocated for any purpose authorized by the Act, or this Declaration common expense assessments and any installments thereof not yet due, shall be recalculated in accordance with the reallocated common expense liabilities. j. Assessment described in Section 1 of this Article shall not be considered special assessment as described in Section 2 of Article X. Formula. The percentage allocation of interest specified in Exhibit B is calculated for each Unit by dividing the area of the Unit, exclusive of basements, into the total area of all Units, exclusive of basements. ARTICLE X ASSESSMENTS General Provisions. Sect. 5158.3-115 of the Act specifies how assessments are assessed and collected. Sect. 5158.3-116 specifies how the lien for assessment is created and enforced and to which interest it is either superior or subordinate. In addition to those provisions: Special Assessments. In addition to the annual assessment authorized above, the Association may levy in any assessment year, a special assessment applicable to that year only for the purpose of defraying, in whole or in part, the cost of any unforseen or unbudgeted. and expense, including without limitation, the unexpected construction, reconstruction, repair or replacement of a capital improvement and including fixtures and personal property related thereto. provided that any such assessment shall have the assent of not less than two-thirds of the voting power of the members who are voting in person or by proxy and a meeting duly called for this purpose. 4