Ventana Lawrenceville Condo Assn Inc

Key facts from Ventana Lawrenceville Condo Assn Inc's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Legal name

Ventana at Lawrenceville Condominium Association, Inc. (Master Deed opening and definitions)

Governing law

New Jersey Condominium Act (N.J.S.A. 46:8B-1 et seq.) (Master Deed WHEREAS paragraph and Articl)

Age restriction

Age-restricted (over 55) dwelling units. (Master Deed WHEREAS paragraph)

Assessments & dues

Fixed by Board annually in sum sufficient to meet Common Expenses. Allocated per percentage interest of each unit (see Exhibit 6). (Master Deed Article V Section 3)

Special assessments

Board may levy special assessments for capital improvements, repairs, or other purposes. Also for damages or violations (with notice and dispute resolution). (Master Deed Article V Sections 6 and 7)

Collections & liens

Unpaid assessments become a lien on the unit, enforceable by foreclosure. Personal obligation also. Subordinate to first mortgages. (Master Deed Article V Sections 1, 12, 13)

Reserves & fees

Board must maintain reasonable reserves for repairs, replacements, emergencies. Capital contributions must be designated and held in interest-bearing accounts. (Master Deed Article V Section 8)

Leasing & rentals

Yes, with restrictions. (Master Deed Article IX Section 2; Addend)

Voting & meetings

Each unit owner has one vote. Aggregate votes = 52. Sponsor may elect majority of Board until 25% of units conveyed, then 25% of Board elected by owners; at 75% conveyed, owners elect entire Board (Sponsor may retain one member until all un (Master Deed Article VI Sections 1 and 3)

Amendments

Not fully detailed in excerpt; Master Deed mentions amendments in Table of Contents (Article XII) but text not provided. However, Addendum Section N notes recording as addendum to By-Laws. (Master Deed Table of Contents (Article X)

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