Margate Towers Condominium

Key facts from Margate Towers Condominium's documents

Reflects the 1977 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Margate Towers Condominium

Units / lots

180 (Paragraph 4A and Paragraph 5A)

Governing law

Condominium Act of the State of New Jersey (P.L. 1969, c. 257, approved January 7, 1970) (Preamble and Paragraph 1)

Assessments & dues

Board of Directors determines estimated Common Expenses for fiscal year (July 1 to June 30), including reasonable reserves, less unneeded balances and estimated income from leases and other sources. Annual assessment due in 12 equal monthly (Paragraph 7D)

Special assessments

Other and Special Assessments made in accordance with Condominium Documents; time of payment determined by Board if not set in documents. (Paragraph 7E)

Collections & liens

Association may file lien and foreclose for delinquent assessments, plus interest and attorney's fees. May accelerate future installments, sue at law, or use other proceedings. (Paragraph 7H, 7I)

Reserves & fees

Reasonable reserves for Common Expenses are included in assessments. (Paragraph 3F(v) (Common Expenses definit)

Leasing & rentals

Yes, with Association approval. (Paragraph 9A)

Architectural approval

Written consent of Association required for any structural modification or alteration within a Unit; no act that impairs structural integrity, adversely affects Common Elements, or affects other Unit owners without unanimous written consent (Paragraph 11A, 11C(iv), 11C(vi))

Signs & flags

Developer may display signs for promotional, sales, exhibit, and administrative purposes on Common Elements or within its units until last unit is sold. Others not mentioned. (Paragraph 8B)

Maintenance

Association maintains: portions of Units contributing to support (main bearing walls) excluding interior surfaces; exterior of building; all Common Elements; incidental damage from Association work. Unit Owner maintains: interior surfaces ( (Paragraph 11B, 11C)

Insurance

Association obtains casualty/physical damage insurance on building and improvements including all Units, heating and cooling apparatus, service machinery, and personal property held by Association; full replacement value without depreciatio (Paragraph 12A, 12C)

Voting & meetings

Each Unit's vote equals its percentage of undivided interest in Common Elements (as shown in Exhibit F) multiplied by 100, resulting in 10,000 total votes. Where a Unit is owned by more than one person, vote is cast by a single designated r (Paragraph 6E)

Amendments

Except for changes to Common Interests (requires consent of all Unit Owners and first mortgagees), Master Deed may be amended by resolution approved by not less than 75% of Unit Owners voting in accordance with By-Laws. Notice of proposed a (Paragraph 15)

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