Concord Terrace Condominium

Key facts from Concord Terrace Condominium's documents

Reflects the 1987 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

CONCORD TERRACE CONDOMINIUM

Developer / declarant

L W DEVELOPMENT CORPORATION

Governing law

Common Interest Ownership Act, Chapter 828 of Connecticut General Statutes (Article I; Section 1.1)

Assessments & dues

Not set in declaration; determined by budget adoption and ratification. (Section 20.5)

Special assessments

If Executive Board votes to levy a Common Expense assessment not included in current budget (other than those enumerated in Section 20.3) in an amount exceeding 15% of current annual operating budget, the assessment must be submitted to Uni (Section 20.6)

Collections & liens

Association has a statutory lien on a Unit for unpaid assessments, late charges, fines. Lien is prior to all other liens except (1) prior recorded liens and encumbrances recorded before Declaration, (2) first or second mortgage recorded bef (Section 20.4)

Reserves & fees

Reserves established by Association for repair, replacement or addition of Common Elements or other real or personal property acquired or held by Association. (Section 20(d))

Leasing & rentals

A Unit may not be leased or rented for less than 30 days. All leases and rental agreements shall be subject to the requirements of the Documents. (Section 11.2)

Parking & vehicles

Trucks, commercial vehicles or vans larger than three quarter tons are prohibited from parking spaces. (Section 11.1(b))

Architectural approval

Unit owner may not change the appearance of the Common Elements or the exterior appearance of a Unit without permission of the Association. Unit owner may submit to Executive Board for approval to do anything forbidden under Section 14.1(a) (Section 14.1(a)(ii); Section 14.1(b))

Home business

Home professional pursuits not requiring regular visits from the public or unreasonable levels of mail, shipping, trash or storage requirements are permitted. No sign indicating commercial or professional use may be displayed outside a Unit (Section 11.1(a))

Maintenance

Roofs are part of Common Elements (exterior doors/windows/exterior surfaces are Common Elements per Section 5.3(a)). Association responsible. (Section 5.3(a); Section 6.1)

Insurance

Property insurance on project facilities (buildings, Units, fixtures) for 100% replacement cost, covering 'all risks' of direct physical loss. Personal property of Association at actual cash value. Liability insurance (including medical pay (Section 23.2; Section 23.3)

Use restrictions

Each Unit is restricted to residential use as a single-family residence. (Section 11.1(a))

Voting & meetings

Each Unit has one equal vote. Percentages, portions, or fractions of votes mean the specified percentage of all votes as allocated in Schedule A-2. (Section 9.1(c); Section 9.1(c) and Secti)

Amendments

Declaration may be amended only by vote or agreement of Unit Owners of Units to which at least 67% of Votes are allocated (Section 16.1). No amendment may create or increase Declarant Rights, increase number of Units, change boundaries of a (Sections 16.1, 16.4, 16.2, 17, 16.6)

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