Condo_CharlieWills - Laserfiche WebLink

Home Browse Search

5) The amount and source of any income, other than assessments of the Unit Owners. 6) The aggregate amount of any assessment to be levied against Unit Owners and the purpose of the assessments. D. Definition of Assessments. For purposes of this Declaration, the term "Assessments" shall mean regular and special assessments for Common Expenses and charges, fines or assessments against specific Units or Unit Owners for damages to the Condominium or for penalties for violations of the Act, this Declaration or the Association's by-laws or rules and regulations, as adopted or amended from time -to - time. 14.2 Enforcement. The assessments for Common Expenses, together with such interest as the Association may impose pursuant to the By -Laws for delinquencies and the costs of collection and reasonable attorneys' fees, constitute a lien on the Units against which they are assessed, except as otherwise provided in Section 14.5 below. Attachment, filing, effectiveness, priority, and enforcement of the lien shall be as provided in Section 703.165 of the Act. 14.3 Suspension of Voting Rights. If any assessment of Common Expenses is delinquent and a "Statement of Condominium Lien" as described in Section 703.165 of the Act, has been filed against a Unit, the Association may, upon notice to the Unit Owner, suspend the voting rights of the delinquent Unit Owner. 14.4 Unit Sale; Reserve Fund. Except as otherwise provided herein, unpaid Common Expenses assessed against a Unit shall be a joint and several liability of the seller and purchaser in a voluntary transfer of the Unit if a Statement of Condominium Lien covering the delinquency shall have been recorded prior to the transfer. The Association may establish a reserve fund to be used by the Association for capital improvements, repairs or extraordinary expenses, as the Board shall determine. 14.5 Lien for Non -Payment. The Association shall have a lien, from the date an assessment is made, upon any Unit for assessments made against that Unit, which assessments remain unpaid. Such lien shall be subordinate to any first (1st) priority mortgage, as described in Section 708.09 of the Act. The lien shall secure payment of the assessment, interest, and costs of collection, including reasonable attorney's fees. The lien may be recorded in the Dane County Clerk of Court's office by an instrument executed by the Association and may be foreclosed. The Unit Owner shall be personally liable for all unpaid assessments, interest, and costs of collection. This liability shall not terminate upon transfer of ownership or upon abandonment by the Unit Owner by disclaiming use of the Common Elements. When any lien is foreclosed, if the Unit Owner remains in possession of the Unit, the Unit Owner shall pay the reasonable rental value of the Unit. The Association shall be entitled to the appointment of a receiver of the Unit, as a matter of strict right. Assessments shall be paid without offset or deduction. No Unit Owner may withhold payment of any assessment or any part thereof because of any dispute that may 2-23