The Jefferson Place Lofts Condominiums

Key facts from The Jefferson Place Lofts Condominiums's documents

Community type

Condominium (Jefferson Place Lofts Condominiums) (establish a condominium form of ownershi)

Units / lots

4 residential units and 1 commercial unit (total 5 units) (WHEREAS: the Property consists of one lo)

Governing law

New Jersey Condominium Act, N.J.S. 46:8B-1 et seq. (WHEREAS, it is the intention of the Gran)

Assessments & dues

Set by Board; not specified in this document (Articles 6(a) and 6(b): Board fixes Comm)

Special assessments

Board may levy Special Assessment; if aggregate in any year exceeds $2,500 plus $250 per year since recording, must be approved by 2/3 of Unit Owners (emergencies and legal fees excepted) (Article 6(e): provided that if during an)

Collections & liens

Each assessment, fine, and other charge is a continuing lien on the Unit; may be foreclosed in same manner as mortgage foreclosure; personal obligation of owner (Article 6(h): shall be a continuing lien)

Reserves & fees

Grantor shall fund all required Reserves (Article 11: Grantor shall fund all requi)

Leasing & rentals

Yes, subject to all governing documents; no transient/hotel purposes (rental less than one month prohibited) (Article 10(d): No Unit shall be leased o)

Home business

Not explicitly restricted; use must comply with municipal code and not adversely affect residential use (Article 10(a): subject to municipal code)

Maintenance

Association responsible (roof membrane system is General Common Element) (Article 4(c)(2): General Common Elements)

Insurance

Flood insurance (if in flood hazard area) and blanket property insurance on Common Elements at replacement value; other insurance per By-Laws and N.J.S. 46:8B-14(d) (Article 17: The Condominium Board shall )

Use restrictions

Units may only be used for residential purposes or any lawful purpose as set forth in Hoboken Municipal Code; Board determines approval of other uses; commercial unit exists (Article 10(a): Units may only be used fo)

Voting & meetings

One vote per Unit; only Unit Owners in Good Standing may vote (Article 5(e): Voting Rights: one (1) vot)

Amendments

Requires 66% of Unit Owners; plus 66% of Eligible Mortgage Holders for certain amendments (Article 24); Grantor consent required while owning Unsold Units or within 5 years; no amendment to impair Grantor's rights without consent; amendment (Article 18: Amendment by vote of at leas)

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