Lathrop Villas Two Condominium

Key facts from Lathrop Villas Two Condominium's documents

Reflects the 2014 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Lathrop Villas II Condominium

Governing law

New Jersey Condominium Act, N.J.S.A. 46:8B-1 et seq. (Article I, Section 1.10)

Assessments & dues

Board fixes Annual Common Expense Assessments in its sole discretion (Article VI, Sections 6.03 and 6.04)

Special assessments

Requires approval of both Unit Owners, unless repairs ordered by Borough of Madison or other entity with jurisdiction, in which case each Owner pays half. (Article VI, Section 6.07)

Collections & liens

Each Assessment and all fines and other charges shall be a continuing lien upon the Unit and may be foreclosed by suit in name of Association in same manner as mortgage foreclosure. Lien subordinate to bona fide mortgage. (Article VI, Section 6.02)

Maintenance

Unit Owners responsible for all maintenance, repairs, replacements within their Unit and specifically reserved elements (exterior stoops, steps, driveways, siding, framing, insulation, plumbing, windows, doors, electrical, etc.). Associatio (Article VII, Sections 7.01 and 7.02)

Insurance

Master policy insurance premiums included in Annual Common Expense Assessments (Article VI, Section 6.04)

Use restrictions

Unit defined as part of Condominium designated for independent ownership and use as a residential dwelling (Article I, Section 1.24)

Voting & meetings

Each Unit Owner entitled to cast one (1) vote per Unit in all elections of Directors and all other questions. Sponsor may vote for units it owns but cannot vote for amendments changing use or reducing Common Elements. (Article V, Section 5.03)

Amendments

Not detailed in provided text; referenced as part of Article XV (General Provisions) which includes amendment of Master Deed. (Table of Contents, Article XV, Section 1)

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