O72A7S Preston Terrace Condominium

Key facts from O72A7S Preston 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

Preston Terrace Condominium Association, Inc., a non-stock Connecticut corporation (Section 3.3 'The name of the Association)

Units / lots

20 Units (Page 4 'The Common Interest Community co)

Developer / declarant

Carol Panasci and Douglas Calcagni (First paragraph 'CAROL PANASCI and DOUGL)

Governing law

Common Interest Ownership Act, Chapter 828 of the Connecticut General Statutes (Section 2.1 'Act. The Common Interest Ow)

Assessments & dues

All Common Expenses are assessed against all Units in accordance with each Unit's percentage interest in Common Expenses shown on Schedule A-2 (Section 20.2)

Special assessments

Common Expenses associated with repair/replacement of a Limited Common Element are assessed equally among the Units to which it is assigned; service supplied to an individual Unit, insurance premiums attributable to a Unit, and judgment lia (Section 20.3)

Collections & liens

Association has a statutory lien for unpaid assessments/fines from the time due; lien is prior to subsequent encumbrances except prior-recorded liens, first Security Interests recorded before delinquency, and real property taxes; may be for (Section 20.4)

Reserves & fees

Reserves may be established by the Association, whether held in trust or by the Association, for repair, replacement or addition to the Common Elements or any other real or personal property acquired or held by the Association (Section 2.6 and Section 20.1(d))

Leasing & rentals

Leasing is permitted subject to the Documents and Association Rules; all leases and rental agreements must be in writing; the minimum lease term restriction is not fully legible in the text (Section 11.2)

Parking & vehicles

Parking spaces, if allocated, are Limited Common Elements for the exclusive use of the Units to which allocated; any unallocated spaces at the end of the Development Rights period may be allocated by Association amendment; spaces are for ve (Sections 9.1(a), 11.1(b), 13.1 and 13.3)

Home business

Single-family residence use includes home professional purposes requiring regular visits from the public or unreasonable mail, shipping, trash or storage requirements, if permitted by zoning regulations; no sign indicating commercial uses m (Section 11.1(a))

Maintenance

Association maintains, repairs and replaces all Common Elements except portions of Limited Common Elements required to be maintained by Unit Owners; each Unit Owner maintains, repairs and replaces all portions of his or her Unit except port (Sections 7.1 and 7.2)

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; any specified percentage of Unit Owners means the specified percentage of all votes allocated in Schedule A-2 unless otherwise stated (Section 10.2(c))

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