Boards must accumulate sufficient reserves to finance anticipated and unanticipated repairs to common elements, especially when individual unit owners are suffering ongoing damages. Remember, unit owners do not have the right to repair common elements on their own. Here, the court properly took the matter out of the board’s hands, but the methods employed by the receiver may be less efficient or economical than if the board had acted on its own. On top of this, the board will have to pay the receiver fees and costs associated with the job. Unit owners will not appreciate a board that ignores legitimate complaints from residents, incurs significant legal fees, needs to reimburse fees from affected unit owners, and, on top of everything, pay receiver commissions as well.
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