Liability for Assessments definition
Liability for Assessments means the amount of contingent liability for which Members of the Fund are either jointly and severally liable, or jointly and proportionately liable, by reason of their participation as Members of the Fund.
Examples of Liability for Assessments in a sentence
From and after the Effective Time, Zenith hereby assumes all Liability for Assessments and Zenith shall indemnify and hold harmless the Members against any Liability for Assessments.
COMMON COSTS - ASSESSMENTS 16 Section 8.1 Common Costs 16 Section 8.2 Operating Budget and Annual Assessments 17 Section 8.3 Payment of Common Costs 18 Section 8.4 Assessments 18 Section 8.5 Creation of Lien and Personal Obligation 18 Section 8.6 Non-Liability of Foreclosure Sale Purchaser for Past-Due Amounts 18 Section 8.7 Liability for Assessments Upon Voluntary Conveyance 18 Section 8.8 Exemption From Liens and Assessments 19 ARTICLE IX.