The Cornerstone Lofts Condominiums

Key facts from The Cornerstone Lofts Condominiums's documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Page 6/131, WHEREAS)

Units / lots

23 (18 residential, 4 parking space, 1 commercial) (Page 6/131 WHEREAS; Article 2)

Governing law

New Jersey Condominium Act, N.J.S. 46:8B-1 et seq. (Article 1(9))

Assessments & dues

Board determines budget and fixes Common Expense Assessments sufficient to maintain Common Elements (Article 6(a))

Special assessments

Board may levy special assessments; if aggregate exceeds $2,500 plus $250 per year after recording year, must be approved by 2/3 vote of all Owners eligible. Emergency or legal fees excepted. (Article 6(e))

Collections & liens

Unpaid assessments, fines, and other charges constitute a continuing lien on the Unit; may be foreclosed like a mortgage (Article 6(h))

Reserves & fees

Interest as permitted by law (Article 6(h) "together with such interes)

Leasing & rentals

Leasing allowed subject to Master Deed, By-laws, and other governing documents (Article 10(e))

Architectural approval

Structural additions, alterations, or improvements require prior written approval of Board (Article 10(d))

Home business

Professional offices (physician, dentist, attorney, accountant, engineer, architect) allowed without prior written permission provided certain conditions met; any other use requires Board approval (Article 10(a))

Maintenance

Association responsible (roofing membrane system listed as General Common Element) (Article 4(c)(2))

Insurance

Board shall obtain flood insurance (if in flood hazard area) and blanket property insurance on Common Elements at replacement value (Article 17)

Use restrictions

Units may only be used as a residence (with limited professional office exception) (Article 10(a))

Voting & meetings

One vote per unit for Trustee elections; otherwise votes in proportion to Percentage Interest in Common Elements (Article 5(d))

Amendments

By vote of at least 79% interest of all Owners; amendments affecting Article 24 require 51% approval of Eligible Mortgage Holders (Article 18)

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