Common Expense Assessment definition

Common Expense Assessment means the assessment levied against the Units pursuant to SECTION 7.2 of this Declaration.

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Common Expense Assessment means the assessment levied against the Units pursuant to Section 7.2.

Common Expense Assessment means the Assessment for allocation of Common Expenses among the Units and Owners, as provided in this Declaration and the Act.

Examples of Common Expense Assessment in a sentence

If the Executive Board votes to levy a Common Expense Assessment not included in the current budget, other than one enumerated in Section 7.3 of this Declaration, in an amount greater than fifteen percent (15%) of the current annual operating budget, the Executive Board shall submit such Common Expense to the Unit Owners for notice and comment in the same manner as a budget under Section 7.5.
In the event the annual Common Expense Assessment proves to be insufficient for an immediate need or emergency, the Board of Trustees of the Association may amend the budget and assessment and impose an emergency Common Expense Assessment.
An employee who has received paid sick leave for injuries caused by a third party shall be obliged in the event such employee undertakes an action or makes a claim for recovery of damages against the third party, to seek recovery of the cost of continuation of wages and benefits, and shall be obliged to reimburse the Employer to the extent the employee succeeds in recovering lost wages and benefits less the proportionate cost of legal fees.
If an annual Common Expense Assessment is not made as required, an assessment shall be presumed to have been made in the amount of the last prior year's assessment, but only after the Board is controlled by Lot Owners other than Declarant.
Installments of such annual Common Expense Assessments shall be due upon the same installment payment date as the prior year's installments until a new annual Common Expense Assessment is made.
Until the effective date of an Association budget ratified by the Unit Owners with a different amount for the Common Expense Assessment, as provided above, the amount of the annual Common Expense assessment against each Unit shall be computed at the rate of Thirty Five and 00/100 Dollars ($35.00) per Unit per month.

More Definitions of Common Expense Assessment

Common Expense Assessment means an Assessment levied for Common Expenses.

Common Expense Assessment means an Assessment levied against all Units in the Association to fund the Common Expenses.

Common Expense Assessment means each Owner's proportionate share of the funds required for payment of common Expenses of the Development assessed against each Owner.

Common Expense Assessment means an Assessment for the payment of Common Expenses levied against a Site on an annual basis as determined by the Executive Board and ratified by the Owners.

Common Expense Assessment means an Assessment, as defined herein, for the purposes of payment or reimbursement of Common Expenses, as defined herein.