Four One Five Route Two Four Condominium

Key facts from Four One Five Route Two Four Condominium's documents

Reflects the 2016 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Commercial Condominium (Background: '8-unit commercial condomini)

Legal name

415 Route 24 Condominium

Governing law

New Jersey Condominium Act, N.J.S. 46:8B-1 et seq. (Section 1.0)

Assessments & dues

Fixed by Board, based on undivided percentage interest; due at commencement of fiscal year with monthly installment option (Section 15.1)

Special assessments

Capital improvement assessment authorized if expenditure >10% of current budget requires majority of 50% quorum; other special assessments permitted by Board (Section 15.5)

Collections & liens

Unpaid assessments are a continuing lien on the Unit; may be foreclosed in same manner as mortgage (Section 15.8)

Reserves & fees

Association may maintain reserves; capital reserve portion of common charges referenced (Section 24.0 (capital reserve portion of)

Leasing & rentals

Lease defined and includes any agreement for leasing or rental of any Unit; sublease included (Section 3.15)

Parking & vehicles

Parking spaces are Limited Common Elements for exclusive use of specified Units (see Exhibit C) (Section 6.2)

Architectural approval

Prior written approval of Board required for maintenance affecting exterior appearance (Section 7.3; Section 13.0 (rule making a)

Maintenance

Unit Owner: interior maintenance (Section 7.1); Association: Common Elements including roof, foundations, exterior surfaces, structural components (Section 6.1, 8.1) (Section 7.1; Section 8.1)

Voting & meetings

Based on undivided percentage interest per Unit as set forth in Exhibit E (Section 20.3; Exhibit E)

Amendments

Master Deed amendments require 100% vote for undivided interest changes (Section 21.0); other amendments (e.g., Exhibit G) by Board resolution (Section 7.4); Sponsor can amend for certain errors without unit owner vote (Section 23.0); mortg (Sections 21.0, 7.4, 23.0, 26.0)

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