Mountain Ridge Land Condominium

Key facts from Mountain Ridge Land Condominium's documents

Reflects the 2017 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Mountain Ridge Land Condominium

Units / lots

3 Land Units (Land Units 1, 2, and 3) (Preamble and Sec. 3.1)

Developer / declarant

MFC Mountain Ridge Estates, LLC

Governing law

New Jersey Condominium Act, N.J.S.A. 46:8B-1 et seq. (Sec. 2.8)

Assessments & dues

Determined annually by Board; must be at least sufficient to operate, maintain, repair, and replace Common Elements. (Sec. 8.3)

Special assessments

Board may levy special Common Expense assessments for reconstruction, repair, replacement of Common Elements when reserve funds insufficient, or for any other lawful purpose except new capital improvement (which requires a capital improveme (Sec. 8.7)

Collections & liens

Unpaid assessments and other charges are a continuing lien on the Land Unit; may be foreclosed by suit in same manner as a mortgage foreclosure on real property. (Sec. 8.2(a), Sec. 8.2(b))

Reserves & fees

Interest at 15% per annum on unpaid assessments, plus costs of collection including reasonable attorney's fees. (Sec. 8.2(a))

Maintenance

Land Unit Owner responsible for all maintenance, repairs, and replacements within boundaries of its Land Unit (including all improvements); Association responsible for all maintenance, repairs, and replacements of Common Elements. (Sec. 8.12(a), Sec. 8.12(b))

Voting & meetings

Each Member in good standing casts one weighted vote per Land Unit; each Land Unit's weighted vote equals its appurtenant percentage interest in Common Elements as set forth in Exhibit E. (Sec. 6.5)

Amendments

Grantor may amend Master Deed to accomplish Land Unit 3 Subdivision without joinder or consent of Association, Members, or Permitted Mortgagees; such amendment may include complementary additions and modifications in Grantor's discretion. (Sec. 1.4)

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