502 East Third Street Condominium

Key facts from 502 East Third Street Condominium's documents

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

Community type

Condominium

Legal name

502 EAST THIRD STREET CONDOMINIUM

Developer / declarant

502 East Third Street, LLC

Governing law

Chapter 183A of the General Laws of Massachusetts (First paragraph: 'to the provisions of C)

Assessments & dues

Each Unit Owner shall be required to pay a proportionate share of the common expenses assessed by the Trustees, proportionate to his Unit's undivided interest in the Common Elements. (Section 16(b))

Collections & liens

A lien for common expense assessments shall not be affected by any sale or transfer of a unit, except that a foreclosure of a first mortgage shall extinguish a subordinate lien for assessments payable prior to the sale or transfer. Delinque (Section 18)

Reserves & fees

Condominium dues or charges shall include an adequate reserve fund for maintenance, repair and replacement of those portions of the Common Areas and Facilities that must be replaced on a periodic basis. (Section 16(j))

Leasing & rentals

All leases or rental agreements for Units shall be in writing and subject to the Master Deed, Declaration of Trust, By-Laws and Rules and Regulations. (Section 9(e))

Architectural approval

Interior non-bearing wall modifications require approval of Trustees (not unreasonably withheld). All exterior changes, additions, structures, projections, decorations, or features require unanimous approval of Trustees. (Sections 9(b), 9(c), 9(f))

Home business

Home professional pursuits without regular visits by the public are permissible. (Section 8)

Use restrictions

The Units are intended for residential purposes only; no business activities of any nature shall be conducted in any Unit. (Section 8)

Voting & meetings

Each Unit Owner's voting rights shall be proportionate to his undivided interest in the Common Elements. (Section 16(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.