Bay Walk Condo

Key facts from Bay Walk Condo's documents

Community type

Condominium (Article I: 'submits such land ... to the)

Legal name

Bay Walk Condominium

Governing law

Condominium Act of the State of New Jersey, Chapter 257, Laws of New Jersey 1969, effective January 7, 1970 as amended (the 'Act') (Article I, first paragraph)

Assessments & dues

Projected annual budget per building $5,000.00 (total $10,000.00 yearly) as per corrected Appendix F. Monthly installments derived: Unit 1 $122.50, Unit 2 $130.42, Unit 3 $163.75, Unit 4 $130.42, Unit 5 $122.50, Unit 6 $163.75. (Corrected Appendix F (Exhibit B), pages )

Special assessments

Board may levy additional assessments ('Additional Assessments') for Common Expenses as deemed proper, including for increased costs, capital expenses, or emergencies. (By-Laws Article IV, Section B(3) (page 4)

Collections & liens

Association has lien on Unit for unpaid assessments, interest (15% p.a.), and attorney fees. Lien recorded in Atlantic County. Liens subordinate to tax liens and mortgages. Foreclosure by suit in same manner as mortgage foreclosure. Associa (Article IX, Section D (pages 13-16))

Reserves & fees

Board must include 'reasonable reserves for depreciation, retirement and renewals' in annual budget. Board may maintain a reasonable reserve for contingencies, emergencies, uncollected accounts, bad weather. (By-Laws Article IV, Section B(1) (page 4)

Leasing & rentals

Unit Owner may rent entire Unit for use as single-family residence, subject to By-Laws Article VIII (not provided). No transient tenants. No separate part of Unit may be rented. (Article XI, Section A.1 (page 19); Artic)

Architectural approval

Unit Owner must obtain prior written consent of Association before repairing, altering, replacing, painting, or changing appearance of any Common Elements or exterior appendage. (Article VIII, Section G(2)(b) (page 12))

Use restrictions

Each Unit shall be used only as a single-family residence. No commercial or professional use permitted. (Article XI, Section A.1 (page 19))

Voting & meetings

One vote per Unit. Unit Owners vote on basis of one vote per Unit. Co-owners must designate one person to vote or vote unanimously. Fiduciary votes for beneficiary. Majority of Unit Owners means owners of more than 66 2/3% of undivided inte (Article VIII, Section D(2) (page 10); By)

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