46:8B-17 - Common expenses - New Jersey Statutes

46:8B-17.  Common expenses
    The common expenses shall be charged to unit owners according to the percentage of their respective undivided interests in the common elements as set forth in the master deed and amendments thereto, or in such other proportions as may be provided in the master deed or by-laws.  The amount of common expenses charged to each unit shall be a lien against such unit subject to the provisions of section 21 of this act.  A unit owner shall, by acceptance  of title, be conclusively presumed to have agreed to pay his proportionate  share of common expenses accruing while he is the owner of a unit.  However,  the liability of a unit owner for common expenses shall be limited to amounts  duly assessed in accordance with this act, the master deed and by-laws.  No  unit owner may exempt himself from liability for his share of common expenses  by waiver of the enjoyment of the right to use any of the common elements or by  abandonment of his unit or otherwise.  The common expenses charged to any unit  shall bear interest from the due date set by the association at such rate not  exceeding the legal interest rate as may be established by the association or  if no rate is so established at the legal rate.

     L.1969, c. 257, s. 17, eff. Jan. 7, 1970.