(1) Until the association makes a common expense assessment, the declarant shall pay all common expenses. After any assessment has been made by the association, assessments shall be made no less frequently than annually and shall be based on a budget adopted no less frequently than annually by the association.
Except for assessments under subsections (3) and (4) of this section and section 3833.3-207 (4)(a)(IV), all common expenses shall be assessed against all the units in accordance with the allocations set forth in the declaration pursuant to section 38-33.3-207 (1) and (2). Any past-due common expense assessment or installment thereof shall bear interest at the rate established by the association not exceeding twenty-one percent per year.
To the extent required by the declaration:
Any common expense associated with the maintenance, repair, or replacement of alimited common element shall be assessed against the units to which that limited common element is assigned, equally, or in any other proportion the declaration provides;
Any common expense or portion thereof benefiting fewer than all of the units shallbe assessed exclusively against the units benefited; and
The costs of insurance shall be assessed in proportion to risk, and the costs of utilitiesshall be assessed in proportion to usage.
If any common expense is caused by the misconduct of any unit owner, the association may assess that expense exclusively against such owner's unit.
If common expense liabilities are reallocated, common expense assessments and anyinstallment thereof not yet due shall be recalculated in accordance with the reallocated common expense liabilities.
Each unit owner is liable for assessments made against such owner's unit during theperiod of ownership of such unit. No unit owner may be exempt from liability for payment of the assessments by waiver of the use or enjoyment of any of the common elements or by abandonment of the unit against which the assessments are made.
Unless otherwise specifically provided in the declaration or bylaws, the associationmay enter into an escrow agreement with the holder of a unit owner's mortgage so that assessments may be combined with the unit owner's mortgage payments and paid at the same time and in the same manner; except that any such escrow agreement shall comply with any applicable rules of the federal housing administration, department of housing and urban development, veterans' administration, or other government agency.
Source: L. 91: Entire article added, p. 1753, § 1, effective July 1, 1992. L. 93: (6) amended, p. 653, § 20, effective April 30. L. 94: (2) amended, p. 2849, § 6, effective July 1. L. 2005: (7) added, p. 1387, § 17, effective January 1, 2006.