Sams Condominium

Key facts from Sams Condominium's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Page 1 ('Master Deed of SAM'S CONDOMINIU)

Legal name

Sam's Condominium Assn.

Governing law

N.J. Revised Statutes 46:8B-1 et seq. (Condominium Act of New Jersey) (Page 4 (Recitals, 'Laws of the State of )

Assessments & dues

Not fixed; determined annually by Board based on estimated Common Expenses (Article IX.4 (Page 14-15))

Special assessments

Allowed; special assessment for judgment cannot exceed total annual Common Expenses assessment for that year (Article IX.6 (Page 15))

Collections & liens

Unpaid assessments constitute a lien on the Unit; lien subordinate to tax and mortgage liens; Association may foreclose or sue at law (Article IX.10, IX.11.B (Page 15-16))

Reserves & fees

Association may establish reserves from Common Surplus or annual assessments (Article I.8 (Page 5, 'reserve accounts'))

Leasing & rentals

Yes (Article IV.2 (Page 9, 'A Unit Owner may )

Architectural approval

Yes, for alterations affecting portions maintained by Association or jeopardizing safety/soundness/appearance, written consent of Board required; also cannot impair easements without consent (Article III.8 (Page 8-9))

Use restrictions

Yes (Article III.1 (Page 6, 'Residential Unit)

Voting & meetings

Each Unit entitled to one vote; co-owners must designate one representative; splitting prohibited; sponsor may change price but not percentage of interest (Article I.14 (Page 5); Bylaws IV.5 (Page)

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