$550 per month
Declarations Section 6.04. Late Payment of Assessments. Assessments for Common Expenses and Limited Common Expenses, and installments of said Assessments, paid on or before fifteen (15) days after the date when due shall bear no interest, but all sums not paid on or before fifteen (15) days after the date when due shall bear such late charges, penalties, interest and other costs and expenses, at a rate set by the Board of Directors, but not to exceed the maximum legal rate, together with all expenses, including Attorney’s fees incurred by the Association in any undertaking to collect such unpaid Assessments and expenses. All payments upon account shall be first applied to such late charges, penalties, interests and other costs and expenses, including Attorney’s fees, and then to the Assessment payment due. The Association may, in the manner provided for in the By-Laws, after notice and an opportunity to be heard, levy reasonable fines for violations of this Declaration, the By-Laws and Rules and Regulations.
By-Laws Section 9.03. Assessments. Assessments shall be collected by the Association on a monthly basis as follows: On or before the first day of each month for which the Assessments are made each Owner shall pay the share of said Owner in the Common Expenses as shown by the budget. The Board of Directors may cause to be sent to each Owner, on or before the first day of each month, a statement of the monthly Assessments. However, the failure to send or receive such monthly statement shall not relieve the Owner of the obligation of the Owner to make timely payment of the Assessments. If the Board of Directors shall not approve an annual budget or shall fail to determine new Assessments for any year, or shall be delayed in doing so, each Owner shall continue to pay the amount of the Assessment of said Owner as last determined. Provided, However, the Board of Directors shall have the power to amend the period of the installment payments to be due and payable to provide for annual, quarterly, monthly or any other period of installment payment.
By-Laws Section 9.04. Reserves for Replacements. The Association shall establish and maintain an adequate reserve fund for the periodic maintenance, repair and replacement of improvements to the Common Elements or common areas. The fund shall be maintained out of Assessments.
By-Laws Section 9.05. Lien for Assessments. If any Owner shall fail or refuse to make any payment of the Assessments when due, the amount due, together with costs, reasonable attorney’s fees and interest thereon at a rate to be set by the Board of Directors but in no event greater than eighteen percent rate per annum from and after the date said Assessments became due and payable in accordance with the Declaration and shall constitute a lien on the interest of the Owner in the Unit.
By-Laws Section 9.08. Supplemental Assessments. If during the course of any fiscal year, the Board of Directors determines that the Assessments, as established in the annual budget, are insufficient or inadequate to cover the estimated Common Expenses for the remainder of such year, then the Board of Directors shall prepare and approve a supplemental budget covering the estimated deficiency. Copies of the supplemental budget shall be delivered to each Owner, and a supplemental Assessment shall be made to each Owner for the share of the supplemental budget of said Owner.
Declarations Section 1.12. “Common Expenses” means expenditures made by or financial liabilities of the Association, together with any allocations to reserves.
Declarations Section 1.13. “Common Surplus” means the excess of all receipts of the Association arising out of the Common Elements over the amount of the Common Expenses.
Declarations Section 6.07. Disposition of Surplus. Each Unit shall carry with said Unit a proportionate share of Common Surplus or Limited Common Surplus, as the case may be, and the proportionate share of Common Surplus or Limited Common Surplus shall be the same ratio as the ownership of that Unit in the Common Elements or Limited Common Elements; or, in the alternative, such surplus or any portion of said surplus may be added to a reserve fund for maintenance, repair and replacement of the Common Elements or the Limited Common Elements, as the case may be, at the sole discretion of the Association.