61 Broad Street Condominium Trust

Key facts from 61 Broad Street Condominium Trust's documents

Reflects the 2017 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

61 Broad Street Condominium Trust

Governing law

Chapter 183A of the Massachusetts General Laws (Article II, Section 1; Article III, Sect)

Assessments & dues

Trustees estimate common expenses at least 30 days before fiscal year, then assess monthly 1/12th due on first day of month (Article V, Section 2B)

Special assessments

Allowed; supplemental assessments when expenses exceed budget or for contingencies (Article V, Section 2B)

Collections & liens

Unpaid common charges and late fees constitute a lien under Chapter 183A; Trustees may foreclose or sue to collect, including attorney's fees (Article V, Section 2B, 2D)

Reserves & fees

$10.00 per month if amount not paid by 10th day of month (Article V, Section 2B)

Leasing & rentals

Yes (Article XI, Section B)

Maintenance

Trustees responsible for exterior walls and structural parts of the building (likely includes roof) (Article V, Section 11B)

Insurance

May have deductible not greater than lesser of $5,000 or 1% of policy face amount (Article V, Section 3 (page 9))

Amendments

While Declarant owns a unit, Declarant may unilaterally amend to meet governmental/insurance/lender requirements or cure ambiguities. Otherwise, majority of Trustees with 75% Unit Owner consent may amend, but Declarant consent required whil (Article VII, Section 2)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.