Dear Hillcrest 11 Residents,
As you are aware, being an owner in a condominium building means you are a cooperative owner, along with the other residents in the building. Your monthly maintenance payments pay bills for the building: electric, water/sewer, waste collection, cable TV, elevator service, landscaping and janitorial, to name a few.
There are also annual bills such as, certification and inspection of fire alarms and extinguishers, the elevator, as well as building insurance. Each year these costs are presented and approved during an annual budget meeting and incorporated into your monthly maintenance payment based on your percentage of common ownership. When an owner of our building does not pay, or fails to pay their monthly maintenance in a timely manner this causes an unfair situation to the remaining residents of our building.