Cherrywood Farm Condominium Association, Inc.

Key facts from Cherrywood Farm Condominium Association, Inc.'s documents

Community type

condominium (Art 1 Sec 1 (Master Deed for Cherrywood )

Units / lots

47 (based on total votes: one vote per unit, aggregate votes = 47) (Article 3, Section 9)

Governing law

Title 15A of the New Jersey Statutes Annotated (Nonprofit Corporation Act) and N.J.S.A. 46:8B-3 (Condominium Act definitions) (Article 1, Section 1 and Section 2)

Assessments & dues

Determined annually by Board based on budget. If no assessment made, presumed last year's assessment increased by 10%. (Article 5, Sections 1, 8)

Special assessments

Board may levy special assessments; payment in manner determined by Board (Article 5, Section 5; Article 7, Section)

Collections & liens

Unpaid common expenses and assessments constitute a lien on the unit, prior to all except tax liens and permitted mortgages. Foreclosure like real estate mortgages. Suit maintainable after 30 days default. (Article 5, Sections 6, 9)

Reserves & fees

Board must maintain reasonable reserves for repair, replacement, emergencies, contingencies, bad weather, uncollected accounts. Separate accounts for deferred maintenance, replacement, capital improvements. (Article 5, Sections 5, 6)

Maintenance

Association maintains common elements; unit owner maintains their unit and limited common elements (terraces, balconies, decks). Owner liable for damage due to negligence. (Article 7, Sections 7, 8)

Use restrictions

Units shall be used as residence only. (Article 7, Section 9(a))

Voting & meetings

One vote per unit. Aggregate 47 votes. Co-owners split equally if disagree. Proxy allowed, must be in writing, valid only for designated meeting. (Article 3, Sections 5, 9, 10)

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