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Form #652

Annual Assessments for Improvements

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Annual Assessments for Improvements - Free Legal Form

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Annual assessments for improvements.

Each and every lot in the area shall be subject to an annual maintenance charge or assessment to be levied by grantor, its successors or assigns in each and every year, which assessment or charge as to lots retained by grantee or later conveyed by grantee, or his [her] successors in interest and title, to others shall not exceed, on any lot, _________ percent of the pro rata acreage cost paid by grantee for all land conveyed to grantee or his [her] successors in interest and title.

Grantee, his [her] successors in interest and title, and each lot owner shall pay charges or assessments annually to grantor, its successors or assigns, in advance, on the _________ day of _________[month], _________[year], and in each and every later year. The charges or assessments shall, without notice to the owner, be due and become a lien (and shall continue until paid) upon each respective lot, and in default of payment of the charges or assessments at the time specified, grantor, its successors or assigns, may institute suits or prosecute proceedings in law or in equity as may be necessary to enforce the lien and payment, with interest at _________ percent per annum, from the due date. Furthermore, in default of payment, the owner of the lot shall pay the additional sum of _________ dollars as liquidated damages. All charges or assessments, after becoming due, shall, until paid, remain a lien upon the land in any event, no matter by whom the land is owned.



 
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Legal Concepts LTD
 
Name of Firm Legal Concepts LTD
Total Forms Contributed 63
 

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Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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Comments

submitted 12/7/2008
by DavidMarshall  

"This is not a legal form as such but a term that can be included in a document dealing with the situation of an estate where the costs of maintaining and repairing the roads and common services are met privately by the residents. In each year, the organizing committee, which may be a housing association or holding company, assesses the total amount required and then collects the assessed amount from each resident. This will be enforced through a lien covering each year’s assessed amount. Because the amounts of money involved can increase quite significantly as there is more wear and tear on the infrastructure, it is always important to see how the assessments are made and whether the assessments can be appealed, before moving on to the estate. Otherwise these payments could become a real burden with no transparency or accountability. "
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