381.796 Assessment for common expenses -- Increase -- Interest and late fees.

158 words·~1 min read·/ky/chapter-381/381-796

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In addition to the provisions of the declaration, bylaws, rules, or regulations of the association:

(1)Common expenses shall include all costs incurred in the administration,

governance, and maintenance of an association, including but not limited to

insurance premiums and expenses, maintenance and repair expenses, and any

reserves for replacement of the common areas.

(2)The common expense liability of each lot shall be allocated equally among all the

lots in the form of an assessment. The board shall assess the common expense

liability for each lot at least annually based on a budget the board adopts in

accordance with KRS 381.790 and 381.797.

(3)After termination of the declarant control period, the board shall abide by KRS

381.797 for any increase of any assessment.

(4)The board may charge interest or a late fee on any past due assessment or

installment at the rate established by the board, not to exceed any maximum rate

allowed by law.