Colonade Condominium

Key facts from Colonade Condominium's documents

Reflects the 2001 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

THE COLONNADE CONDOMINIUM ASSN.

Units / lots

4 or 6 (document inconsistency: Recitals state 'four unit' structure; Certificate of Association states 'SIX (6) single family residential condominium Units') (Recitals page 3: 'four unit, four story )

Governing law

N.J. Revised Statutes 46:8B-1 et seq. (Condominium Act) (Recitals, page 4: 'provisions of the Law)

Assessments & dues

Not fixed; to be set annually by Board based on estimated Common Expenses. Initial payment: three-twelfths (3/12) of estimated annual assessment at time of acquisition by non-Sponsor. (Article IX.1, page 14: 'he shall pay to )

Special assessments

Permitted. Special assessment for satisfying a judgment cannot exceed total Common Expenses assessment for that year. (Article IX.6, page 15: 'in no event shal)

Collections & liens

All charges and expenses chargeable to any Unit constitute a lien in favor of the Association. Association may enforce by suit at law or foreclosure. Lien subordinate to taxes and prior recorded mortgages. (Article IX.10, page 16: 'All charges and)

Reserves & fees

Not required, but Common Surplus may be allocated to reserve accounts by Board. (Article I.8.A, page 5: 'Application of e)

Leasing & rentals

Yes, for term of two weeks or longer with prior written notice to Association. Lease of less than two weeks requires Association approval. (Article IV.2, page 10: 'A Unit Owner may)

Architectural approval

Yes, written consent of Board of Directors required for alterations that affect portions maintained by Association or that jeopardize safety, soundness, or appearance of buildings. (Article III.8, page 9: 'No Unit Owner ma)

Signs & flags

Sponsor allowed to have signs identifying property and advertising sales. No general restriction on other signs. (Article IV.4, page 10: 'The Sponsor shal)

Maintenance

Association responsible for maintenance, repair, replacement of Common Elements, Limited Common Elements, and parts of Units as provided. Unit Owner responsible for interior of Unit? Bylaws define. Casualty damage: if damage only to parts o (Article VII.3, page 13: 'If the damage i)

Insurance

Comprehensive casualty (fire, etc.) in amount of maximum insurable replacement value; liability minimum $1,000,000; extended building coverage includes Common Elements, Limited Common Elements, installed fixtures, interior walls, alteration (Article VI.4, pages 11-12: sections A th)

Use restrictions

Yes: 'single-family residential use only'. (Article III.1, page 8: 'utilized for sin)

Voting & meetings

Each Unit entitled to one vote. Co-owned unit: one vote cast by designated representative. (Article I.14, page 5: 'Each Unit shall b)

Amendments

Amendments to Declaration require 30 days' written notice by certified mail; approval by 100% of Directors and 100% of Unit Owners (in writing or proxy); recorded in Atlantic County. Bylaws amended in same manner. (Article XII, pages 18-19: sections 1 and)

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