2006 Code of Virginia § 55-471 - Assessments for common expenses

55-471. Assessments for common expenses.

A. Until the association makes a common expense assessment, the declarantshall pay all common expenses. After any assessment has been made by theassociation, assessments must be made at least annually, based on a budgetadopted at least annually by the association.

B. Except for assessments under subsections C, D and E, all common expensesmust be assessed against all the cooperative interests in accordance with theallocations set forth in the declaration pursuant to subsection A of 55-444. Any past due common expense assessment or installment thereof bearsinterest at the rate established by the association not exceeding eighteenpercent per year.

C. To the extent required by the declaration:

1. Any common expense associated with the maintenance, repair or replacementof a limited common element must be assessed against the cooperativeinterests for the units to which that limited common element is assigned,equally, or in any other proportion that the declaration provides;

2. Any common expense or portion thereof benefiting fewer than all of theunits must be assessed exclusively against the cooperative interests for theunits benefited; and

3. The costs of insurance must be assessed in proportion to risk, and thecosts of utilities must be assessed in proportion to usage.

D. Assessments to pay a judgment against the association may be made onlyagainst the cooperative interests in the cooperative at the time the judgmentwas entered, in proportion to their common expense liabilities.

E. If any common expense is caused by the negligence or other misconduct ofany proprietary lessee, or of his family members, tenants or other invitees,the association may assess that expense exclusively against his cooperativeinterest.

F. If common expense liabilities are reallocated, common expense assessmentsand any installment thereof not yet due shall be recalculated in accordancewith the reallocated common expense liabilities.

(1982, c. 277.)