381.9191 Assessments for common expenses.
295 words·~1 min read·
/ky/chapter-381/381-9191A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Until the association makes a common expense assessment, the declarant shall pay
all common expenses. After any assessment has been made by the association,
assessments shall be made at least annually and based on a budget adopted at least
annually by the association.
(2)Except for assessments under subsections (3), (4), and
(5)of this section, all
common expenses shall be assessed against all the units in accordance with the
allocations set forth in the declaration pursuant to KRS 381.9137(1). Any past due
common expense assessment or installment thereof shall bear interest at the rate
established by the association not exceeding eighteen percent (18%) per year.
(3)To the extent required by the declaration:
(a)Any common expense associated with the maintenance, repair, or replacement
of a limited common element shall be assessed against the units to which that
limited common element is assigned, equally, or in any other proportion that
the declaration provides;
(b)Any common expense or portion thereof benefiting fewer than all of the units
shall be assessed exclusively against the units benefited; and
(c)The costs of insurance shall be assessed in proportion to risk and the costs of
utilities shall be assessed in proportion to usage.
(4)Assessments may be made to pay a judgment against the association and, if made,
shall only be made against the units in the condominium at the time the judgment
was entered, in proportion to their common expense liabilities.
(5)If any common expense is caused by the misconduct of any unit owner, the
association may assess that expense exclusively against his or her unit.
(6)If common expense liabilities are reallocated, common expense assessments and
any installment thereof not yet due shall be recalculated in accordance with the
reallocated common expense liabilities.