8 Hardy Street Condominium Trust

Key facts from 8 Hardy Street Condominium Trust's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (preamble; M.G.L. c. 183A)

Legal name

8 Hardy Street Condominium Trust

Developer / declarant

Salem Residential Rental Properties LLC (preamble)

Governing law

Massachusetts General Laws Chapter 183A (Section II.A, Section VIII.B, Bylaws Sec)

Special assessments

Permitted; Trustees may make supplemental assessments during fiscal year if initial assessment insufficient; may provide for monthly installments (Bylaws Sec. 2 (fourth paragraph))

Reserves & fees

Interest on unpaid amounts at 3% above prime rate (published in Wall Street Journal), but not more than 19% per annum; plus all collection costs including attorney fees (Bylaws Sec. 2 (fifth paragraph))

Pets

Yes, up to three dogs, cats, or other household pets per unit; not for commercial purposes; no pets deemed 'dangerous breed' that would increase insurance risk (Bylaws Sec. 23)

Architectural approval

Yes; written consent of Trustees required for exterior alterations, construction, removal, decoration, painting; interior decorations allowed without consent if no structural changes (Bylaws Sec. 24)

Home business

Accessory office and/or artist's studio permitted if allowed by zoning; no signs, no employee other than resident, no visitation of business associates/clients/general public (Bylaws Sec. 15.B)

Maintenance

Unit owner: maintenance, repairs, replacement of unit (except common areas), doors, windows, electrical/plumbing/heating fixtures within unit, washing exterior glass; also responsible for damage caused by failure to maintain. Trustees: main (Bylaws Sec. 21)

Insurance

Unit owner may carry insurance for personal property, personal liability, loss assessment; must have waiver of subrogation; must notify Trustees of improvements over $1,000 insurable replacement cost and pay any increased premium (Bylaws Sec. 3 (ninth and tenth paragraph)

Use restrictions

No unit occupied for nonresidential purposes; only one family unit per unit (Bylaws Sec. 15.A)

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