§ 47C-3-115. Assessments for common expense.
§ 47C‑3‑115. Assessments for common expense.
(a) Until the association makes a common expense assessment, thedeclarant shall pay all the common expenses. After any assessment has been madeby the association, assessments thereafter must be made at least annually bythe association.
(b) Except for assessments under subsections (c), (d), and (e),all common expenses must be assessed against all the units in accordance withthe allocations set forth in the declaration pursuant to G.S. 47C‑ 2‑107(a).Any past due common expense assessment or installment thereof bears interest atthe rate established by the association not exceeding eighteen percent (18%)per year.
(c) To the extent required by the declaration:
(1) Any common expense associated with the maintenance, repair,or replacement of a limited common element must be assessed against the unitsto which that limited common element is assigned, equally, or in any otherproportion that the declaration provides;
(2) Any common expense or portion thereof benefiting fewer thanall of the units must be assessed exclusively against the units benefited; and
(3) The costs of insurance must be assessed in proportion torisk and the costs of utilities must be assessed in proportion to usage.
(d) Assessments to pay a judgment against the association (G.S.47C‑3‑117(a)) may be made only against the units in the condominiumat the time the judgment was entered, in proportion to their common expenseliabilities.
(e) If any common expense is caused by the misconduct of anyunit owner, the association may assess that expense exclusively against hisunit.
(f) If common expense liabilities are reallocated, commonexpense assessments and any installment thereof not yet due shall berecalculated in accordance with the reallocated common expense liabilities. (1985 (Reg. Sess., 1986), c. 877, s. 1.)