Section 448.3-115

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 448

Effective - 28 Aug 1983   

  448.3-115.  Assessments for common expenses. — 1.  Until the association makes a common expense assessment, the declarant shall pay all the common expenses.  After any assessment has been made by the association, assessments thereafter shall be made at least annually and shall be based on a budget adopted at least annually by the association.

  2.  Except for assessments under subsections 3 and 4 of this section, all common expenses shall be assessed against all the units in accordance with the allocations set forth in the declaration pursuant to subsection 1 of section 448.2-107.  Any past due common expense assessment or installment thereof shall bear interest at the rate established by the association not exceeding eighteen percent per year.

  3.  To the extent required by the declaration:

  (1)  Any common expense associated with the maintenance, repair, or replacement of a limited common element shall be assessed against the units to which that limited common element is assigned, equally, or in any other proportion that the declaration provides;

  (2)  Any common expense, or portion thereof, benefitting fewer than all of the units shall be assessed exclusively against the units benefitted; and

  (3)  The costs of insurance shall be assessed in proportion to risk and the costs of utilities shall be assessed in proportion to usage.

  4.  Assessments to pay a judgment against the association shall be made only against the units in the condominium at the time the judgment was entered, in proportion to their common expense liabilities.

  5.  If any common expense is caused by the misconduct of any unit owner, the association may assess that expense exclusively against his unit.

  6.  If common expense liabilities are reallocated, common expense assessments and any installment thereof not yet due shall be recalculated in accordance with the reallocated common expense liabilities.

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(L. 1983 H.B. 177)