Island View Condo

Key facts from Island View Condo's documents

Community type

Condominium

Legal name

Island View Condominium Association

Developer / declarant

FIPO LLC

Governing law

N.J.S.A. 46:8B-1 et seq. (Preamble and Article I)

Assessments & dues

Association determines common expenses and assessments; budget and assessments may be amended at any time (By-Laws Article V - Determination of Com)

Special assessments

Allowed; for capital improvements in excess of $10,000 requires unanimous assent of both unit owners; Grantor cannot vote (Master Deed Article VII(c))

Collections & liens

Each assessment is a continuing lien on the unit and personal obligation of owner; subordinate to municipal taxes and first mortgage (Master Deed Article VII(e))

Reserves & fees

Association must maintain reasonable reserves for repairs, replacements, emergencies; amounts assessed for reserves must be designated and kept in interest-bearing savings account (By-Laws Article V - Accounts and Reserve)

Architectural approval

Yes; for alterations to exterior of units, decks, common elements; modifications affecting bearing walls require written approval of Association and first mortgage holders (Master Deed Article X(d), (e))

Maintenance

Association maintains exterior and roof of building (By-Laws Article IV(c))

Insurance

Multi-peril (fire, lightning, extended coverage, all-risk, vandalism, malicious mischief, windstorm); public liability ($100,000/$300,000); property damage ($100,000); flood (NFIP); contents (80% replacement); fidelity; errors and omissions (Master Deed Article XVII(b))

Use restrictions

The Units are restricted to residential use (Master Deed Article X(u))

Voting & meetings

Two votes total; one vote per unit; Grantor holds votes initially; upon conveyance, unit owner gets vote (Master Deed Article VI(c) and By-Laws Ar)

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