21 Assessments Edit page

21 ASSESSMENTS

1. Every unit owner by acceptance of a deed to a unit is deemed to covenant and agree to pay

to the Association its proportionate share of the common expenses in the form of (a) annual

assessments or other charges for common expenses, (b) special assessments for capital

improvements and replacements and (c) specific assessments, such assessments to be

established and collected as hereinafter provided.

2. The proportionate share of the common expenses for each unit owner shall be its ownership

percentage.

3. No unit owner shall be exempt from payment of the owner's proportionate share of the

common expenses by waiver or nonuse or enjoyment of the common or limited common

elements or by abandonment of the unit.

4. The assessments, together with interest, costs, and reasonable attorney's fees incurred in the

collection thereof, shall be a charge on the unit and shall be a continuing lien upon the unit

against which each such assessment is made.

5. The assessments levied by the Association shall be used exclusively to pay the common

expenses and other costs, expenses and financial needs of the Association, including

reasonable reserves.

6. Prior to the beginning of each fiscal year, the board shall prepare a budget covering the

estimated common expenses to be incurred by the Association during such year in performing

its functions under the River Towne Declaration, the Deedand the Bylaws.

7. An annual assessment sufficient to pay such estimated net common expenses shall then be

levied against all units.

8. In addition to the annual assessment , the board may collect special assessments as follows:

(a) for the purpose of defraying, in whole or in part, the cost of any construction or

reconstruction, unexpected repair or replacement of a capital improvement for the common

elements, (b) to cover unbudgeted common expenses or common expenses in excess of those

budgeted as part of the annual assessment , or to cover shortfalls in income or revenue; or (c)

to enable the board to carry out the functions of the Association under the River Towne

Master Deed and the Bylaws.

9. The board shall have the power to levy specific assessments against a particular unit or units

constituting less than all units within the real estate.

10.The board shall have the power to authorize special services for unit owners, such as pest

control, window cleaning or similar services, and levy specific assessments against a unit and

unit owner to cover the cost of requested services.

11.The board shall have the power to levy specific assessments to cover costs incurred in bringing

a unit into compliance with the terms of the River Towne Deed, the Bylaws or the Rules or

to recover costs incurred by the Association as a consequence of the conduct of the unit owner

or occupants, their licensees, invitees or guests; provided, the board shall give the unit owner

prior written notice and an opportunity for a hearing before levying a specific assessment.

12.The board shall fix the date by which any annual, special or specific assessment or any

installment thereof shall be paid by unit owners to the Association.

13.The board may require that any such assessments be paid in monthly, quarterly or semi-annual

installments, or in such other manner as the board may deem appropriate in its sole and

absolute discretion.

14.Written notice shall be given to each member, at such member's last known address and /or email address as

indicated by the Association's records, of the amount of any annual, special, or specific

assessment and when it is due.

15.Liability of a unit owner for assessments shall commence on the earlier of the date upon which

any transfer to such unit owner becomes effective (such as the date of a deed, the date of

death in the case of a transfer by Will or intestate succession, etc.).

16.If any assessment, whether annual, special or specific, is not paid within thirty (30) days after

it is due, such assessment shall bear interest at the rate of ten (10%) percent per annum, or

at such lower or higher rate as the board may designate from time to time.

17.The unit owner owing such assessment may be required to pay a late charge at such uniform

rate as the board may designate from time to time.

18.The amount of any delinquent assessments, whether annual, special or specific and any

interest thereon and any late charge attributable thereto, plus the cost of collecting the same,

including reasonable attorneys' fees, shall constitute a lien upon the unit upon which such

assessment was levied.

19.Such assessment lien shall attach from the due date of the assessment(s) it secures and may

be enforced by the Association by judicial foreclosure.

20.In addition to the other remedies provided to the Association upon the default of a unit owner

in the payment of any assessment or any installment thereof, the Association shall have the

immediate right to accelerate the total amount of such assessment as remains outstanding at

the time of such default.

21.This right of acceleration in the event of default shall apply whether the Association pursues

the obligation personally against the unit owner or through foreclosure of the lien on the unit.

22.If a unit owner shall be in arrears in the payment of any assessment due or shall otherwise be

in default of the performance of any terms of the governing documents for a period of thirty

(30) days, said unit owner's voting rights shall, without the necessity of any further action by

the Association, be suspended and shall remain suspended until all payments, including

interest thereon, are brought current and any other default is remedied.