Maintenance is due from shareholders on the first of each month. Shareholders are required to pay maintenance on time every month! The Board permits a 10-day grace period in payment of monthly maintenance. Paying maintenance on time enables the Co-op to meet its scheduled obligations and carry on building business in an orderly fashion.
Late Fees
Accordingly, the Co-op imposes a late charge of $100 for maintenance payments not received by the Managing Agent by the 10th of the month, for each month in which the payment is not received (i.e., failure to pay maintenance for two consecutive months results in three $100 late fees). If you anticipate difficulty paying your maintenance on time, please contact the Managing Agent before your monthly payment is due.
Fees for default notices on past due maintenance and fees for court proceedings to enforce the Proprietary Lease are the responsibility of the shareholder whose conduct has made such action necessary.