448.3-115. Assessments for common expenses. - Missouri Statutes

Assessments for common expenses.

448.3-115. 1. Until the association makes a common expenseassessment, the declarant shall pay all the common expenses.After any assessment has been made by the association,assessments thereafter shall be made at least annually and shallbe based on a budget adopted at least annually by theassociation.

2. Except for assessments under subsections 3 and 4 of thissection, all common expenses shall be assessed against all theunits in accordance with the allocations set forth in thedeclaration pursuant to subsection 1 of section 448.2-107. Anypast due common expense assessment or installment thereof shallbear interest at the rate established by the association notexceeding eighteen percent per year.

3. To the extent required by the declaration:

(1) Any common expense associated with the maintenance,repair, or replacement of a limited common element shall beassessed against the units to which that limited common elementis assigned, equally, or in any other proportion that thedeclaration provides;

(2) Any common expense, or portion thereof, benefiting fewerthan all of the units shall be assessed exclusively against theunits benefited; and

(3) The costs of insurance shall be assessed in proportionto risk and the costs of utilities shall be assessed inproportion to usage.

4. Assessments to pay a judgment against the associationshall be made only against the units in the condominium at thetime the judgment was entered, in proportion to their commonexpense liabilities.

5. If any common expense is caused by the misconduct of anyunit owner, the association may assess that expense exclusivelyagainst his unit.

6. If common expense liabilities are reallocated, commonexpense assessments and any installment thereof not yet due shallbe recalculated in accordance with the reallocated common expenseliabilities.

(L. 1983 H.B. 177)