Investor-Member Required to Pay Special Assessment

Investor-Member Required to Pay Special Assessment

Facts: An investor bought eight condominium units within an association, giving him approximately 18 percent ownership of the building. The investor consistently paid maintenance fees for common expenses, and he also paid special assessments as needed for roofing repairs and painting.

At one point, the board met to discuss a special assessment for replacing the siding in the building. The members who attended this meeting did not object to the proposed special assessment, and the board approved the replacement of the siding of all the units in the building.

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