Parc North Condominium

Key facts from Parc North Condominium's documents

Reflects the 2022 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Master Deed title and throughout)

Legal name

Parc North Condominium

Units / lots

up to 49 (WHEREAS clauses, page 9 (Book24494/Page3)

Developer / declarant

Parc North, LLC

Governing law

New Jersey Condominium Act, N.J.S.A. 46:8B-1 et seq. (Master Deed, WHEREAS clauses, page 9 (Bo)

Assessments & dues

Board of Directors fixes annual Common Expense assessments in an amount at least sufficient to maintain the exterior of Buildings and operate Common Elements; allocation among Units based on proportionate interest in Common Elements (Exhibi (Sections 6.03 and 6.06)

Special assessments

Special Common Expense assessment allowed for reconstruction, unexpected repair or replacement of existing capital improvement, or other lawful purpose except new capital improvements. If aggregated amount exceeds $25,000 (increased by CPI (Section 6.09)

Collections & liens

Assessments are a continuing lien on the Unit; may be foreclosed like a mortgage; money judgment may be obtained without waiving lien. (Section 6.02)

Reserves & fees

Not separately addressed; reserves are part of Common Expenses (Section 1.10 definition includes reserves). (Section 1.10: "Common Expenses... includ)

Maintenance

Association responsible for maintenance, repair, and replacement of roofs of Buildings (as part of General Common Elements). (Section 7.02: "exterior and roof of Buil)

Use restrictions

Units are designated for independent ownership and use as residential dwellings (definition of Unit, Section 1.30). (Section 1.30: "a part of the Condominium)

Voting & meetings

Each Unit Owner in good standing casts vote equal to proportionate interest in Common Elements appurtenant to the Unit. Developer may vote for Units it owns but not for amending Master Deed, By-Laws, changing permitted use, or reducing Comm (Section 5.03)

Amendments

Section 15.02 (Amendment of Master Deed) exists but its text is not provided in this extract. (Table of Contents, Section 15.02)

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