Riverside Condominiums LLC

Key facts from Riverside Condominiums LLC's documents

Reflects the 2019 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Riverside Condominium Trust

Developer / declarant

Riverside Condominiums, LLC

Governing law

Massachusetts General Laws, Chapter 183A (the "Act") (Article II, Section 2.1)

Assessments & dues

Determined by Trustees at least 30 days before each fiscal year; each Unit Owner pays 1/12 of share monthly in advance on the first day of each month (Article V, Section 5.2(C)(1))

Special assessments

Supplemental assessments allowed if common expenses exceed budget or to provide a reserve fund for contingencies; also may be used for improvement assessments if 75% of Unit Owners agree (Article V, Sections 5.2(C)(2), 5.2(C)(3))

Collections & liens

Unpaid common charges, late charges, and expenses constitute a lien on the Unit under the Act; Trustees may foreclose or bring action to recover; subordinated to first mortgages as permitted by law (Article V, Sections 5.2(C)(3), 5.2(D), 5)

Reserves & fees

Trustees shall include an adequate reserve fund for periodic maintenance, repair, and replacement of Common Elements; also may set aside contingent funds for emergencies (Article V, Sections 5.2(A), 5.2(C)(3))

Pets

Implied by restrictions; no aggressive breeds, specifically not allowed: German Shepherd, Pit Bull, Rottweiler, Doberman, Akita, Husky, Dalmatian, Chow, Malamute, Great Dane, Wolf Hybrid (Exhibit A, Rule 32)

Leasing & rentals

Not explicitly prohibited; Rules 19 and 24 imply leasing activities by Declarant are allowed; no short-term rental prohibition mentioned; restrictions on signs (Exhibit A, Rules 19, 24)

Parking & vehicles

Not allowed to park or store (includes recreational vehicle, boat, boat trailer, house trailer, etc.) (Exhibit A, Rule 18)

Fences

Not explicitly mentioned; but would fall under ARC approval for structural changes (Exhibit A, Rule 15)

Architectural approval

Applies to Improvements, additions, alterations: nothing shall be done in any Unit or to Limited Common Elements or Common Elements which would impair structural integrity or structurally change the building without prior written consent of (Exhibit A, Rules 15, 20, 26; Article V, )

Signs & flags

American flags permitted with Trustee approval; Trustees may place conditions on placement and size (Exhibit A, Rule 6)

Maintenance

Unit Owner responsible for proper maintenance and repair of Unit and interior fixtures; Trustees responsible for maintenance, repair, replacement of Common Elements (Article V, Sections 5.5, 5.6)

Insurance

Deductible amount determined from time to time by Trustees; Trustees determine responsibility for funding deductible per loss (Article V, Sections 5.3(A)(2), 5.3(H) (l)

Use restrictions

Not explicitly stated in this document, but Rules and Regulations prohibit industry, business, trade, occupation or profession of any kind on Common Elements; no commercial use in units is implied by context (Exhibit A, Rule 24)

Voting & meetings

Each Unit has one undivided vote; if multiple owners, they must designate one to vote; Declarant votes as any other Unit Owner for units owned (Article IV, Sections 4.1, 4.2; Article I)

Amendments

Trustees may amend with consent of Unit Owners holding more than 67% of beneficial interest; but no amendment without Declarant consent prior to expiration of Original Trustee term; special amendments by Declarant for certain purposes; must (Article VII, Section 7.1)

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