Keep Street Townhomes at Madison

Key facts from Keep Street Townhomes at Madison's documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Throughout; e.g., PAGE 1032, "establish )

Units / lots

1 (Lot 19, Block 3803) (PAGE 1032, WHEREAS: "Lot 19, Block 3803")

Governing law

New Jersey Condominium Act, N.J.S.A. 46:8B-1 et seq., and Planned Real Estate Development Full Disclosure Act (PAGE 1032, WHEREAS clause)

Assessments & dues

Set annually by Board at least sufficient to maintain exterior and Common Elements; no fixed amount (ARTICLE VII, Section 4; PAGE 1045)

Special assessments

Board may levy Special Assessment; if exceeds 10% of last annual budget, requires 2/3 vote of affected Members in Good Standing (ARTICLE VII, Section 11; PAGE 1047)

Collections & liens

Unpaid assessments constitute a lien on the Unit, prior to all other liens except taxes and recorded mortgages. Association may foreclose like a mortgage. (ARTICLE VII, Section 2; PAGE 1044-1045)

Reserves & fees

Not explicitly required; but reserves are included in Common Expenses (definition of Common Expenses) (ARTICLE II, definition of 'Common Expens)

Pets

Yes; domestic animals shall be permitted (ARTICLE XI, Section 1(c); PAGE 1057)

Leasing & rentals

Not explicitly restricted; 'Lease' defined, implying leasing is allowed (ARTICLE II, definition of 'Lease'; PAGE )

Architectural approval

Yes, for interior partition changes, exterior alterations, signs, awnings, fences, etc. Board approval required. (ARTICLE IV, Section 1.c; ARTICLE XI, Sec)

Home business

Prohibited (ARTICLE XI, Section 1(a))

Maintenance

Association (part of General Common Elements) (ARTICLE VIII, Section 2(a); PAGE 1050)

Insurance

Insurance premiums are common expenses; specific coverage not detailed (ARTICLE VII, Section 1(c); PAGE 1044)

Use restrictions

Yes; Units shall be used only as private residence; no business, trade, or profession (ARTICLE XI, Section 1(a); PAGE 1056-1057)

Voting & meetings

Each Member in Good Standing: one unweighted vote per unit for trustee elections; for other questions, one vote per unit weighted by percentage interest in Common Elements. Sponsor may vote unsold units but not for electing Unit Owner Trust (ARTICLE VI, Section 5; PAGE 1043)

Amendments

Sponsor may amend without consent under certain conditions (e.g., to satisfy lenders, government agencies). Later amendments by Association require vote? Master Deed states Sponsor cannot vote unsold units for amendments that change use, re (ARTICLE X, Sections 2 and 3; PAGES 1055-)

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