MARVIN MANDEL, Governor

3371

(a) All common profits [of the condominium] shall
be disbursed to the unit owners, be credited to their
assessments for common expenses in proportion to their
percentage interests in common profits and common
expenses, or be used for any other purpose as the council
of unit owners decides.

(d)    [All assessments] ANY ASSESSMENT, until paid,
together with interest [on them], LATE CHARGES, IF ANY,
and actual costs of collection, AND REASONABLE
[[ATTORNEYS']] ATTORNEY'S FEES, [constitute] CONSTITUTES
a lien on the [units] UNIT on which [they are] IT IS
assessed, if a statement of lien is recorded within two
years after the date the assessment becomes due. The
lien shall be effective against a unit from and after the
time a statement of condominium lien is recorded among
the land records of the county where the unit is located,
stating the description of the unit, the name of the
record owner, the amount due and the period for which the
assessment was due. The clerk shall index the statement
of condominium lien under the name of the record owner in
the grantor index and in the block index if one is
maintained by the clerk. The statement of condominium
lien shall be signed and verified by an officer or agent
of the council of unit owners as specified in the bylaws
and then may be recorded. On full payment of the
assessment AND OTHER PERMITTED AMOUNTS for which the lien
is claimed the unit owner shall be entitled to a
recordable satisfaction of the lien IN ANY FORM USED FOR
THE RELEASE OF MORTGAGES IN THE COUNTY IN WHICH THE
CONDOMINIUM IS LOCATED.

(e)    Any assessment, or installment thereof, not
paid when due shall bear interest, at the option of the
council of unit owners, from the date when due until paid
at the rate provided in the bylaws, not exceeding [8]
EIGHT percent per annum, and if no rate is provided, then
at [8] EIGHT percent per annum. THE BY LAWS ALSO MAY
PROVIDE FOR A LATE CHARGE OF TWO DOLLARS OR ONE-TWENTIETH
OF THE TOTAL AMOUNT OF ANY DELINQUENT ASSESSMENT OR
INSTALLMENT, WHICHEVER IS GREATER, PROVIDED THE CHARGE
MAY NOT BE IMPOSED MORE THAN ONCE FOR THE SAME DELINQUENT
PAYMENT AND MAY ONLY BE IMPOSED IF THE DELINQUENCY HAS
CONTINUED FOR AT LEAST 15 CALENDAR DAYS.

(g) A statement of condominium lien is sufficient
for the purposes of this title if it contains the
information, and is substantially in the form, set forth
below:

Statement of Condominium Lien

This is to certify that............... owner(s) of

unit no........... in............... condominium

(is) (are) indebted to the council of unit owners in the