Pharmacy Development Condo

Key facts from Pharmacy Development Condo's documents

Community type

Condominium (Section 2.12, 3.01)

Governing law

N.J.S. 46:8B-1 et seq. (New Jersey Condominium Act) (Section 2.13, 2.01)

Assessments & dues

Fixed by Board; amount at least sufficient to maintain exterior of Buildings and Common Elements. (Section 7.03)

Special assessments

Yes, for any lawful purpose where reserves inadequate; over $10,000 (CPI-adjusted) requires 2/3 member approval. (Section 7.10)

Collections & liens

Each assessment and fine is a continuing lien on the unit; may be foreclosed like a mortgage; also personal obligation of owner. (Section 7.02)

Reserves & fees

Not explicitly mentioned; but Special Assessments may be levied if reserves inadequate. (Section 7.10)

Pets

Yes, as permitted by Rules and Regulations. (Section 11.01(b))

Leasing & rentals

Except for Unit #1 (CVS Lease), other units may be leased only by Sponsor; after Sponsor conveyance, Unit Owners may lease subject to written lease, compliance with Condominium Documents, and restrictions. (Section 11.03)

Architectural approval

Not explicitly; but changes to exterior require Board consent (paint, signs, etc.). (Section 11.01(e))

Home business

Not explicitly prohibited; but no noxious or offensive activities allowed. (Section 11.01(k))

Signs & flags

Not specifically mentioned; signs restriction may apply. (Section 11.01(e))

Maintenance

Unit Owner responsible for roof of his Building (included in Unit per 4.01, 4.02(a), 8.01(b)). (Sections 4.01, 4.02(a), 8.01(b))

Insurance

Association to maintain insurance as per Condominium Documents; not detailed in provided text. (Section 7.05 (taxes and insurance premiu)

Use restrictions

Not explicitly stated; restrictions include no immoral, offensive, or unlawful use. (Section 11.01(l))

Voting & meetings

Each Member in Good Standing: 1 unweighted vote per Unit for trustee elections; for all other questions, 1 vote per Unit weighted by percentage interest in Common Elements. Sponsor votes for unsold units but cannot vote to amend Master Deed (Section 6.05)

Amendments

Master Deed may be amended as per N.J.S. 46:8B; Sponsor may execute amendments until last unit conveyed; certain amendments require consent of affected owners, mortgagees, and CVS tenant (Section 10.02(b)). (Section 10.02, 10.03)

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