Island House Condominium (NJ)

Key facts from Island House Condominium (NJ)'s documents

Reflects the 1975 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Paragraph 1: "submits the land and build)

Legal name

Island House Condominium

Units / lots

154 (153 Residence Units + 1 Recreation Unit) (Pages 2-4: 19 stories, 9 units per floor)

Developer / declarant

THE BENSON COMPANY

Governing law

Condominium Act of the State of New Jersey, N.J.S.A. 46:8B- et seq. (Paragraph 1)

Assessments & dues

Association annually determines estimated Common Expenses, adopts budget, then assesses each Unit based on Proportionate Interest. Interim adjustments allowed. (Paragraph 9D)

Special assessments

Association may make interim determinations and assessments for emergencies or otherwise. (Paragraph 9D: "interim determinations" a)

Collections & liens

Common expenses charged to each Unit shall be a lien against such Unit, subject to §21 of Condominium Act; Association may foreclose and recover attorneys' fees. (Paragraphs 9C, 9G)

Reserves & fees

Association may include amounts for reserves for replacements, working capital, etc. in budget. (Paragraph 9D: "working capital, general )

Leasing & rentals

Yes, but subject to right of first refusal by Association (paragraph 14). Lease must comply with detailed provisions. (Paragraph 14)

Home business

Only professional office use by a physician or dentist who owns and resides in the Unit, with consent if prior to first annual meeting. (Paragraph 13A)

Maintenance

Association (Common Element per paragraph 6A(2) includes roof). (Paragraph 6A(2) and 12B(ii))

Use restrictions

Residence Units may be used only as a residence, except professional office for physician/dentist who owns and resides, subject to consent. (Paragraph 13A)

Voting & meetings

Each Unit Owner votes based on Proportionate Interest: 1 vote per 0.01% interest, total 10,000 votes (Paragraph 8A)

Amendments

By majority vote of Unit Owners cast in person or by proxy; certain amendments require Grantor joinder. Corrective amendments by Association with legal and architectural opinions without unit owner vote. (Paragraphs 18A and 18B)

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