Assessments for Common Elements Clause Samples

Assessments for Common Elements. All costs incurred by the Association in satisfaction of any liability arising within, caused by, or connected with the elements or the administration of the Condominium project shall constitute expenditures affecting the administration of the project, and all sums received as the proceeds of or pursuant to any policy of insurance securing the interest of the co-owners against liabilities or losses arising within, caused by, or connected with the elements or the administration of the Condominium project shall constitute receipts affecting the administration of the Condominium project within the meaning of Section 54 (4) of the Act.