Common Charges

From 226 16th St Condos
Revision as of 21:24, 22 August 2016 by Adamkaplan (Talk | contribs)

(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to: navigation, search

All units are required to pay common charges to The Association to cover building maintenance, utilities, taxes and fees as defined in the budget. Common charges are to be paid monthly, by check. Checks may be deposited into the Association's mailbox located near the interior of the main entrance or delivered (in person or by mail) to the Treasurer.

Unit Charges

Unit charges are based on the share of common interest as defined in the By-Laws, are as follows:

Unit Amount
1 $198.16
2 $293.45
3 $293.45
4 $293.45
5 $238.21
6 $298.29

Payment Details

Checks

Payable to: 226th St Condominium Memo: Include unit number and month. For example "Unit 6 C.C. 1/2012"

ACH (Electronic Checks)

Electronic payments are automatically withdrawn on the first business day of each month.

Electronic payments are submitted 3 business days prior to their processing date because they take 3 business days to clear. Payments may appear on your bank statements as "pending" prior to the first of the month.

Payment Schedule

Payments are due on the first day of each month and are considered on time if received by the 10th day of the month.

Late Payments

If you are unable to make a payment in a timely manner, please contact the treasurer as soon as possible. Payments made after 10 days are late; after 30 days are in default.

Defaulting

Article VI of the Condominiums By-Laws legally bind the board to take certain actions in response to a unit owner defaulting on common charge payment. After 30 days past due, the board will send a written notification of default to the defaulting owner and begin arbitration procedures. In the worst outcome, a lien may be placed on the unit in default. All expenses incurred by the condominium (including legal) are the responsibility of the defaulting owner. Owners in default forfeit their voting privileges in meetings.