Chairman of the Board Condominium Association Inc

Key facts from Chairman of the Board Condominium Association Inc's documents

Reflects the 2020 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title and throughout)

Units / lots

7 (seven) residential Units (Article III and WHEREAS paragraph)

Governing law

N.J.S. 46:8B-1 et seq. (New Jersey Condominium Act) (Master Deed, Establishment of Condominiu)

Assessments & dues

The Board fixes Annual Common Expense Assessments in an amount at least sufficient to maintain the exterior and Common Elements; amount solely in Board discretion. (Article VII Section 3)

Special assessments

Yes. Defined as 'Special Assessments' (Article II dd). Board may levy a Special Common Expense Assessment for reconstruction, unexpected repair, or other lawful purpose, except new capital improvements. If it exceeds ten (10%) percent of th (Article VII Section 10)

Collections & liens

Yes. Each Common Expense Assessment is a continuing lien upon the Unit. Association may foreclose lien in same manner as mortgage foreclosure, or sue for money judgment without waiving lien. (Article VII Section 2)

Reserves & fees

Sponsor required to pay replacement reserves for all unsold units in the building if at least one certificate of occupancy issued (Article VII Section 6). Also Sponsor to turn over working capital and replacement reserve contributions colle (Article VII Section 6)

Pets

Cats and dogs only. (Article XI Section 1(c))

Architectural approval

Yes. Removal or replacement of interior nonbearing walls requires prior written approval of the Board (Article IV Section 1(c)). Also, no signs, awnings, grills, balcony enclosures, fences, canopies, shutters, satellite disks, or antennas s (Article IV Section 1(c); Article XI Sect)

Use restrictions

Yes. No Unit shall be used for any purpose other than as a private residence; no business, trade, or profession may be conducted in a residential Unit. (Article XI Section 1(a))

Voting & meetings

Each Member in Good Standing entitled to one (1) unweighted vote per Unit in elections of Trustees; for all other questions, each Member casts one (1) vote per Unit weighted by percentage interest in Common Elements. Sponsor may vote for Un (Article VI Sections 5 and 6; Article X S)

Amendments

Sponsor has power of attorney to execute amendments to Condominium Documents for five years or until last Unit sold, with limitations (cannot adversely affect value, alter floor plan, change percentage interest, substantially increase finan (Article X Sections 2, 3, 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.