2013 Kentucky Revised Statutes CHAPTER 381 - TITLE TO PROPERTY AND RESTRICTIONS ON USE, OWNERSHIP, AND ALIENATION 381.9191 Assessments for common expenses.
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381.9191 Assessments for common expenses.
(1)
(2)
(3)
(4)
(5)
(6)
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 least annually and based on a
budget adopted at least annually by the association.
Except for assessments under subsections (3), (4), and (5) of this section, all
common expenses shall be assessed against all the units in accordance with
the allocations set forth in the declaration pursuant to KRS 381.9137(1). Any
past due common expense assessment or installment thereof shall bear
interest at the rate established by the association not exceeding eighteen
percent (18%) per year.
To the extent required by the declaration:
(a) Any common expense associated with the maintenance, repair, or
replacement of a limited common element shall be assessed against the
units to which that limited common element is assigned, equally, or in any
other proportion that the declaration provides;
(b) Any common expense or portion thereof benefiting fewer than all of the
units shall be assessed exclusively against the units benefited; and
(c) The costs of insurance shall be assessed in proportion to risk and the
costs of utilities shall be assessed in proportion to usage.
Assessments may be made to pay a judgment against the association and, if
made, shall only be made against the units in the condominium at the time the
judgment was entered, in proportion to their common expense liabilities.
If any common expense is caused by the misconduct of any unit owner, the
association may assess that expense exclusively against his or her unit.
If common expense liabilities are reallocated, common expense assessments
and any installment thereof not yet due shall be recalculated in accordance
with the reallocated common expense liabilities.
Effective:January 1, 2011
History: Created 2010 Ky. Acts ch. 97, sec. 46, effective January 1, 2011.
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