Most cooperative proprietary leases and condominium by-laws permit the board to charge interest on unpaid maintenance or common charges and set forth a fixed percentage or amount for the interest.   Some leases and by-laws, including the forms recommended by our firm to its clients, provide authority to the board to set and change the interest rate or late fees from time-to-time.  However, where the by-laws or lease set a fixed interest rate or formula, it is important that the interest actually charged by the board and managing agent complies with the terms of the lease and by-laws. The amount of… Read more