200801692 - Laserfiche WebLink

Browse

.. ,~ ..i ARTICLE IX. 200801692 ASSESSMENTS FOR COMMON EXPENSES 9.0 Pavrnents of Expenses Prior to Assessments. 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 at lease annually, based upon a budget adopted at lease annually by the Association. 9.1 Amount of Assessments. Except for assessments under Sections 9.2,9.3 and 9.4 of this Article, all common expenses shall be assessed against all of the units in accordance with the allocations set forth in Article 8 of this Declaration. Any past due common expense assessment or installment bears interest at the rate of 18% per annum or at such other rate as may from time to time be established by the Association. 9.2 Expenses for Limited Common Elements and Common Expenses Benefiting Fewer Than All Units. Any common expense associated with the maintenance, repair or replacement of a limited common element shall be equally assessed against the units to which the limited common element is assigned. Any common expense or portion of a common expense benefiting fewer than all of the units shall be assessed exclusively against the units benefited. 9.3 Assessments for Pavrnent of Judgments. Assessments to pay a judgment against the Association shall be made only against the units in the condominium in proportion to their common expense liabilities. 9.4 Misconduct of Unit Owner. If any common expense is caused by the misconduct of any unit owner, the Association may assess that expense exclusively against his unit. 9.5 Maintenance of Reserve Fund. Out of the annual assessments, the Association shall establish and maintain an adequate reserve fund for the periodic maintenance, repair and replacement of improvements to the common elements which the Association is obligated to maintain. If the executive board determines that there are any surplus monies in the reserve fund remaining after provision is made for payment of common expenses and funds needed to maintain the reserve fund, such surplus money shall be paid to the unit owners in proportion to their common expense liabilities or credited to them to reduce their common expense assessments. 9.6 Reserve Fund. The Association may establish a reserve fund by contribution from each purchaser of a unit and from such other sources as the Executive Board shall determine. The reserve fund shall be used for capital improvements and necessary replacements and such other items as the Executive Board shall determine. ARTICLE X. LIEN FOR ASSESSMENTS 10.0 Lien for Assessments. Pursuant to the provisions of Neb. Rev. Stat. Section 76-874 (Reissue 1990) the Association has a lien on the unit for any assessment levied against that unit or monetary penalties imposed against its unit owner from the time that the assessment or fine becomes due. The Association's lien may be foreclosed in the same manner as a mortgage on real estate. Fees or charges for the use, rental or operation of the common elements other than limited common elements described in Section 2.3.4 of this Declaration, and for services provided unit owners; charges for late payment of assessments and after notice and opportunity to be heard, assessments imposed upon unit owners for violation of the Declaration, By-Laws and Rules of the Association; and reasonable charges for the preparation and recording of amendments to the Declaration or statements of unpaid assessments levied or imposed by the Association are enforceable as - 10-