322 South Street Condominium

Key facts from 322 South Street Condominium's documents

Reflects the 1993 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Declaration of Trust page 1, "This Trust)

Legal name

322 South Street Condominium Trust

Developer / declarant

James T. Watson, III and Theodore A. Wooding, Trustees of 322 South St. Real Estate Trust (Master Deed page 1, "JAMES T. WATSON, II)

Governing law

Massachusetts General Laws Chapter 183A (Declaration of Trust page 1, "subject to)

Assessments & dues

Determined annually by Trustees based on estimated cash requirements; no fixed amount stated. (By-laws VII, "The Trustees shall. on Jan)

Special assessments

Supplemental assessments may be made by Trustees if actual or anticipated expenses exceed budget. Additional assessments may be authorized by 100% in interest vote of unit owners. (By-laws VII, "they shall make a suppleme)

Collections & liens

Assessments constitute a lien on the unit enforceable under M.G.L. c. 183A §6(c). Additionally, repair costs incurred by Trustees for owner neglect create a lien subordinate to mortgages. (By-laws VI, "Such assessments shall cons)

Reserves & fees

Reserve fund required. Calculated by estimating useful life before repair/replacement of common areas (driveway, roof, exterior paint/shingles, septic system) and dividing into estimated cost at replacement. (Declaration of Trust para 12, "The Trust)

Use restrictions

Yes, strictly single family residential purposes and uses incidental thereto. (Master Deed para 8, "The Condominium is )

Voting & meetings

Each unit owner votes in proportion to percentage interest in Common Areas (50% each). Votes per unit must be cast as an entirety. (By-laws II.6, "The votes of the unit own)

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