Diane Terrace Condominium

Key facts from Diane Terrace Condominium's documents

Reflects the 1989 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Diane Terrace Condominium

Governing law

Common Interest Ownership Act, Public Act 83-474 of the Connecticut General Statutes (Section 1.1)

Assessments & dues

Executive Board adopts budget, provides summary to Unit Owners, convenes meeting for ratification within 14-30 days; if rejected by majority, previous budget continues. (Section 18.5)

Special assessments

Special assessment greater than 15% of current annual operating budget must be submitted to Unit Owners for ratification in same manner as budget. (Section 18.6)

Collections & liens

Association has statutory lien on a Unit for unpaid assessments; lien is prior except for tax liens, first mortgages recorded before declaration, and certain other interests; lien extinguished unless foreclosure action brought within 2 year (Section 18.4)

Reserves & fees

Reserves may be established as a Common Expense; no specific amount required. (Section 18.1(d))

Leasing & rentals

60 days (Section 9.2)

Architectural approval

Yes, for changes to appearance of Common Elements, exterior of a Unit, or any structural/mechanical impairment. Also for any action requiring prior approval. (Section 12.1(a)(i) and (ii))

Home business

Permitted for home professional pursuits not requiring regular visits from the public or unreasonable levels of mail, shipping, trash or storage; no commercial signs. (Section 9.1(a))

Maintenance

Association maintains and repairs all Common Elements (Section 6.1). Unit Owner maintains, repairs, and replaces his/her Unit and any Limited Common Elements assigned to him/her (Section 6.2, 6.3). (Sections 6.1, 6.2, 6.3)

Insurance

Association shall maintain property insurance on Common Elements (including Units) against risks of direct physical loss, with coverage at least 80% of actual cash value or replacement cost; liability insurance of at least $1,000,000. (Section 21.2 and 21.3)

Use restrictions

Each Unit restricted to residential use as a single family residence; home professional pursuits permitted if no regular public visits or high traffic. (Section 9.1(a))

Voting & meetings

Each Unit has one equal vote (Section 8.2(c))

Amendments

Declaration amendment requires vote or agreement of 67% of Votes in Association (Section 14.1). Unanimous consent required for changes to number of Units, boundaries, allocated interests, special declarant rights, use restrictions, etc. (Se (Sections 14.1, 14.4, 17.4, Article XV)

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