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Chapter 5 - § 5.17 • ASSESSMENTS
Jurisdiction | Colorado |
A fundamental obligation of a unit owner is to pay assessments levied by the association.283 Under the CCIOA, all common expenses must be assessed against all the units in accordance with the allocations set forth in the declaration,284 and any past-due common expense assessment or installment bears interest at the rate established by the association, not exceeding 21 percent per year.285 However, the declaration may provide that:
• Any common expense associated with maintenance, repair, or replacement of a limited common element will be assessed against those units to which that limited common element is assigned, equally or in any other proportion the declaration specifies.
• Any common expense or portion of a common expense that benefits fewer than all of the units will be assessed exclusively against the units benefitted.
• The costs of insurance will be assessed in proportion to risk and the costs of utilities in proportion to usage.286
Additionally, when a common expense is caused by the misconduct of a unit owner, the association may assess the expense exclusively against that owner's unit.287
The association has a statutory lien on a unit for any assessment levied against that unit. When an assessment is payable in installments, each installment is a lien from the time it becomes due, including the due date set by any acceleration of installment obligations.288 The association is entitled to — and the unit owner is, therefore, obligated to pay — the costs and reasonable attorney fees incurred by the association in a judgment or decree in any action brought by the association to collect assessments or enforce its lien.289 When an association brings an action to collect assessments or foreclose a lien for unpaid assessments, the court may appoint a receiver of the unit owner to collect all sums alleged to be due before or during the pending of the action. The court may order the receiver to pay any sums held to the association during the pending of the action to the extent of the association's common expense assessments.290 In a cooperative, on nonpayment of an assessment on a unit, the unit owner may be evicted and the lien foreclosed.291
An association has the power, without specific authorization in the declaration, to impose charges for late payment of assessments and to recover reasonable attorney fees and other legal costs for collection of assessments and other actions to enforce the power of the association...
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Request your trial- Colorado Community Association Law: Condominiums; Cooperatives; and Homeowners Associations (CBA)
- Chapter 5 Unit Owners
- Chapter 5 - CHAPTER 5 UNIT OWNERS
- Chapter 5 - § 5.1 • "OWNERSHIP"
- Chapter 5 - § 5.2 • UNIT OWNER DEFINED
- Chapter 5 - § 5.3 • RIGHTS OF UNIT OWNERS GENERALLY
- Chapter 5 - § 5.4 • MEMBERSHIP IN ASSOCIATION, MEETINGS, BUDGETS, AND VOTING
- Chapter 5 - § 5.5 • INFORMATION THAT MUST BE PROVIDED TO UNIT OWNERS
- Chapter 5 - § 5.6 • ACCESS AND DAMAGE TO UNITS
- Chapter 5 - § 5.7 • ALTERATION, RELOCATION OF BOUNDARIES, AND SUBDIVISION OF A UNIT
- Chapter 5 - § 5.8 • LIMITED COMMON ELEMENTS
- Chapter 5 - § 5.9 • PROPERTY TAXES
- Chapter 5 - § 5.10 • INTEREST IN LEASEHOLD COMMUNITY
- Chapter 5 - § 5.11 • LITIGATION AND LIABILITY
- Chapter 5 - § 5.12 • DECLARATION AMENDMENTS
- Chapter 5 - § 5.13 • INSURANCE
- Chapter 5 - § 5.14 • EMINENT DOMAIN
- Chapter 5 - § 5.15 • TERMINATION OF THE COMMUNITY
- Chapter 5 - § 5.16 • OBLIGATIONS OF UNIT OWNERS GENERALLY
- Chapter 5 - § 5.17 • ASSESSMENTS
- Chapter 5 - § 5.18 • FEES FOR SERVICES
- Chapter 5 - § 5.19 • UNITS: UPKEEP AND ACCESS
- Chapter 5 - § 5.20 • FINES
- Chapter 5 - § 5.21 • HOMEOWNER COMPLAINTS TO THE STATE
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