Lake View at 54 & 56 Olive Avenue Condo

Key facts from Lake View at 54 & 56 Olive Avenue Condo's documents

Reflects the 2006 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Section 1, PAGE 1)

Legal name

Lake View at 54 & 56 Olive Avenue Condominium

Governing law

Unit Property Act of the State of Delaware, 25 Del. C. §2201 et seq. (Section 1, PAGE 1)

Assessments & dues

Common Expenses defined; each unit pays percentage share based on General Common Elements percentage (Schedule B). Council assesses sums. (Section 2(e), PAGE 1-2; Section 6(a), PA)

Reserves & fees

May be established from time to time (Section 2(e)(2), PAGE 1)

Pets

Yes, small orderly domestic pets (dogs, cats, caged birds) (Section 9(l), PAGE 9)

Leasing & rentals

Implied by lease disclosure requirement; weekly rentals permitted. (Section 9(o), PAGE 9)

Architectural approval

Prior written consent of Council required for changes to exterior appearance, alterations on Common Elements, and changes to exposed parts (decks, patios, stairs, doors). (Section 9(f), (g), (i), PAGE 8-9)

Signs & flags

No 'For Sale' or 'For Rent' signs without Council consent; Developer may place signs in unsold units. Mortgagee owners may place signs. (Section 9(e), PAGE 8)

Use restrictions

Each Unit shall be used only for residential purposes (Section 9(a), PAGE 8)

Voting & meetings

Based on Percentage Interest in Common Elements (Schedule B) (Section 5(c), PAGE 4; Section 6(a), PAGE)

Amendments

Amendment requires 67% vote of Unit Owners; approval by mortgagees holding first liens on at least 51% of units. Percentage interest changes require unanimous consent of all Unit Owners and affected mortgagees. Must be recorded. (Section 18, PAGE 11-12)

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