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515A.3-114 ASSESSMENTS FOR COMMON EXPENSES.
(a) Until the association levies a common expense assessment, the declarant shall pay all
accrued expenses of the condominium. After any assessment has been levied by the association,
assessments shall be levied at least annually and shall be based on a budget adopted at least
annually by the association.
(b) Except for assessments under subsections (c) and (d), common expenses shall be assessed
against all the units in accordance with the common expense liability allocated to each unit
(section 515A.2-108). Any past due assessment or installment thereof shall bear interest at the
rate established by the association not exceeding the rate of interest provided in section 549.09.
(c) Except as provided by the declaration any common expense associated with the
maintenance, repair, or replacement of a limited common element shall be assessed against the
unit or in equal shares against the units to which that limited common element was assigned at
the time the expense was incurred.
(d) If the declaration so provides, the association may assess any common expense benefiting
less than all of the units against the units benefited. In that case the common expense shall be
allocated among units benefited in proportion to their common expense liability.
History: 1980 c 582 art 3 s 515.3-114

Official Publication of the State of Minnesota
Revisor of Statutes