Oyster Bay Condo

Key facts from Oyster Bay Condo's documents

Reflects the 1989 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Article 1: Establishment of Condominium,)

Legal name

Oyster Bay Condominium

Units / lots

224 (if all five phases completed) (Article 3, page 5: 'the condominium will)

Developer / declarant

Oyster Bay Inc.

Governing law

New Jersey Condominium Act, N.J.S.A. 46:8B-1 et seq. (Article 1, page 3)

Assessments & dues

Annual common expense assessment fixed by Board of Directors; amount sufficient to maintain and operate common elements. (Article 8(a), page 12: 'It shall be an a)

Special assessments

Added assessment for operating expenses without vote; special assessment for capital improvements over $50,000 requires 66-2/3% vote of all eligible votes (Grantor votes ineligible). (Article 8(b) and (c), pages 12-13)

Collections & liens

Common expense assessment is a continuing lien on the Unit and personal obligation of Owner; lien subordinate to municipal taxes and first mortgage. (Article 9, page 16: 'Each such assessmen)

Pets

Yes, one four-legged pet (cat or dog) per unit. (Article 11(k), page 19)

Architectural approval

Written approval of Board required for exterior alterations, modifications affecting bearing walls, painting or decorating exterior. (Article 11(e), (f), (o), pages 18-19)

Maintenance

Unit Owner responsible for maintenance, repairs, replacements of own Unit; Association responsible for common elements; Association may perform emergency repairs if owner fails. (Article 8(f), page 13)

Insurance

Public liability insurance ($500,000/person, $1,000,000/occurrence), property damage insurance ($500,000), flood insurance (max available), workmen's compensation, contents insurance (80% replacement cost), fidelity insurance, errors and om (Article 18(a)-(d), pages 26-27)

Use restrictions

Each Unit shall only be used as a private residence. (Article 11(a), page 17: 'Each Unit is in)

Voting & meetings

One vote per unit; initially 48 votes, increasing by number of units in each added phase. (Article 7(b), page 11: 'Initially, there)

Amendments

Amendment by instrument executed by Grantor and recorded; no unit owner consent required unless affecting rights. Master Deed may be amended without consent of unit owners or mortgagees except for material physical modification of a unit or (Articles 10(b) and 20, pages 17 and 30-3)

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