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200112287
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200112287
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Last modified
10/14/2011 1:17:42 PM
Creation date
10/20/2005 11:27:22 PM
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DEEDS
Inst Number
200112287
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200112287 <br />If the Board fails to determine the budget for any year, then until such <br />time as a budget is approved, the budget in effect for the immediately <br />preceding year shall continue for the current year. <br />(b) Additional Charges: In addition to any amount due or any other relief or <br />remedy obtained against a member who is delinquent in the payment of any <br />assessment, each member agrees to pay such additional costs, fees, <br />charges and expenditures ( "Additional Charges ") as the Corporation may <br />incur or levy in the ,process of collecting from that member monies due and <br />delinquent. All Additional Charges shall be included in any judgment in any <br />action brought to enforce collection of delinquent assessments. Additional <br />Charges shall include, but not be limited to, the following: <br />(i) Attorney's Fees: To the fullest extent allowed by law, reasonable <br />attorney's fees and costs incurred in the event an attorney(s) is <br />employed to collect any assessment or sum due, whether by suit or <br />otherwise; <br />(ii) Late Charges: A late charge in an amount to be fixed by the Board <br />to compensate the Corporation for additional collection costs incurred <br />in the event any assessment or other sum is not paid when due or <br />within any "grace" period. The late charge shall not exceed ten <br />percent (10 %) of the delinquent assessment or ten dollars ($10), <br />whichever is greater; <br />(iii) Costs of Suit: Costs of suit and court costs incurred as allowed by the <br />court; <br />(iv) Filing Fees: Costs of filing notice of lien in the Office of the Register <br />of Deeds; <br />(v) Interest: Interest on all assessments at the rate of 16% per annum, <br />commencing thirty (30) days after the assessment becomes due; and <br />(vi) Other: Any other cost that the Corporation may incur in the process <br />of collecting delinquent assessments. <br />19. ALLOCATION OFASSESSMENTS: The annual and special assessments <br />shall be borne by the Commercial Properties based upon the ratio which the number of <br />Assessment Units allocated to each lot pursuant to Paragraph 21 bears to the total number <br />of Assessment Units, calculated as of the date of the respective estimated or actual <br />assessment. <br />20. COSTS OF ADMINISTRATION, MAINTENANCE OR IMPROVEMENT <br />Costs of administration, maintenance or improvement of the Commons and Easements <br />0 <br />
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