Oakridge Condominium

Key facts from Oakridge Condominium's documents

Community type

Condominium (Section 3.1: 'The Common Interest Commun)

Legal name

Oakridge Condominium

Units / lots

3 units presently created; Declarant may create up to 6 additional units for a total of 9 units (Article V, Section 5.1)

Developer / declarant

Randy 3. Quinn d/b/a R. J. Quinn Developers

Governing law

Common Interest Ownership Act, Chapter 828, Sections 47-200 to 47-293 of the Connecticut General Statutes (Section 2.1 and Article I)

Assessments & dues

Estimated total annual operating expenses of $1,931.40 for Phase I (Exhibit E 'ESTIMATED BUDGET')

Special assessments

If greater than 15% of current annual operating budget, Executive Board must submit special assessment to Unit Owners for ratification in same manner as budget (Section 19.5)

Collections & liens

Association has statutory lien for assessments/fines from time delinquent; lien prior to most other liens; may be foreclosed like a mortgage; 10-day default permits acceleration after Notice and Hearing (Sections 19.4 and 19.8)

Reserves & fees

Reasonable reserves for repair, replacement or addition to Common Elements required; budget includes replacement reserves for resurfacing and roof (Section 2.5(iv); Exhibit E)

Leasing & rentals

Leasing permitted subject to written Rental Agreement and Association approval (Section 10.1(c))

Architectural approval

No structural addition, structural alteration or improvement to the Common Interest Community without consent of the Executive Board (Section 13.1)

Home business

Home professional pursuits permitted only if they do not require regular visits from the public or unreasonable levels of mail, shipping, trash or storage; no commercial sign displayed outside a Unit (Section 10.1(a))

Signs & flags

No sign indicating commercial uses may be displayed outside a Unit (Section 10.1(a))

Maintenance

Roof replacement reserve is included in Association budget; roof is a Common Element maintained by the Association (Exhibit E; Section 7.1)

Insurance

Property insurance on Common Elements and Units against all risks of direct physical loss commonly insured against; not less than higher of 80% actual cash value or amount to avoid co-insurance; up to 100% replacement value if required by E (Section 22.2)

Use restrictions

Each Unit is restricted to residential use as a single-family residence (Section 10.1(a))

Voting & meetings

Each Unit in the Common Interest Community shall have one equal Vote (Article IX, Section 9.1(c))

Amendments

Declaration amended by vote or agreement of Unit Owners holding at least 67% of Votes, with certain exceptions and mortgagee consents; Bylaws amended by two-thirds vote of Executive Board after Notice and Comment (Article XV; Article XVI)

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