- A nonrefundable Capital Improvement Fee in the amount of $750.00 was adopted on June 9, 2021 and remains in place, and shall be imposed on the resale or transfer of each Unit in the Association (“Capital Improvement Fee”). The Capital Improvement Fee may be increased or decreased by further Resolution of the Executive Board in accordance with the Declaration and the Uniform Condominium Act (68 Pa.C.S. Section 3302(a)(12)).
- Notice of the amount of the Capital Improvement Fee shall be given in the “3407 Certificate” required by Section 3407 of the Act (68 Pa.C.S. Section 3407) and shall be collected at the time of settlement or other transfer of a Unit.
- In the event the Association does not receive notice of a sale or other transfer and the Capital Improvement Fee is not collected at the time of such settlement or transfer, the Capital Improvement Fee shall be a lien on the Unit for which the Capital Improvement Fee is levied, which shall be enforced in the same manner as liens for assessments.
- Collection of the Capital Improvement Fee shall be made in the same manner as the collection of Common Expense Assessments and is subject to the provisions of the Declaration, Bylaws and Rules and Regulations of the Association as may apply to the collection of Common Expense Assessments.
- Capital Improvement Fees shall be maintained in a separate capital account and may be expended as permitted by the Declaration and the Act.
- The Capital Improvement Fee shall be imposed on the transfer or sale of all units in the Association except that no Capital Improvement Fee shall be imposed on any gratuitous transfer of a Unit between any of the following family members: spouses, parent and child, siblings, grandparent and grandchild, nor shall a Capital Improvement Fee be imposed on any transfer of a Unit by foreclosure sale or deed in lieu of foreclosure to a secured lending institution as defined in the Housing Finance Agency Law (act of December 3, 1959; P.L. 168, No. 621)