DECLARATION
XIII. ASSESSMENTS:
The making and collection of assessments against the Unit
Owners for common expenses shall be pursuant to the By-laws and subject to the following
provisions:
1. Share of Common Expense: Each unit Owner shall be liable for a proportionate
share of the common expenses and shall share in the common surplus, such shares being the
same as the undivided share in the Common Area which is appurtenant to the Unit owned by
him, asset forth in Article VI. Provided, however, that if a Unit is declared to be
untenantable for a period exceeding sixty days, the common expense attributable to such
Unit shall be abated by the Board of Directors. During such period of abatement the common
expense attributable to such Unit shall be prorated and borne among the remaining
tenantable Units in accordance with their proportionate share of the common expense.
2. Interest, Application of Payments: Assessments paid on or before ten (10)
days after the date when due shall not bear interest, but all sums not paid on or before
ten (10) days after the date when due, shall bear interest at the rate of eighteen percent
(18%) per annum from the date when due until paid. All payments upon account shall be
first applied to interest and then to assessment.
3. Lien for Assessment: The lien for unpaid assessments as provided in New
Hampshire Revised Statutes Annotated Chapter 356-B:46 shall also secure reasonable
attorney's fees incurred by the association incident to the collection of such assessment
in the enforcement of such lien.
4. Rental Pending Foreclosure: In any foreclosure of a lien for assessment as
provided by said New Hampshire Revised Statutes Annotated Chapter 356-B:46, the owner of
the Unit subject to the lien shall be required to pay a reasonable rental for the Unit and
the Association shall be entitled to the appointment of a receiver to collect the same.
5. Bank Foreclosure: Any mortgage bank which acquires its title as a result of
foreclosure or conveyance in lieu of foreclosure on a Unit, shall not be liable for the
payment of any assessment for which other owners are liable.