Lakes Bay Condominium

Key facts from Lakes Bay Condominium's documents

Reflects the 1981 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Recitals and passim)

Legal name

The Lakes Bay Condominium

Units / lots

168 (Paragraph 4: "84 two-bedroom units and 8)

Developer / declarant

KOLTOV, INC.

Governing law

Condominium Act of State of New Jersey (P.L. 1969, c. 257, approved January 7, 1970) (Page 1, WHEREAS)

Special assessments

Permitted; for emergencies or otherwise; time of payment determined by Association (Paragraph 9: "All other assessments, eit)

Collections & liens

Common Expenses are a lien on each Unit; lien effective on 30th day of month for monthly assessments, date expense incurred for special assessments; lien may be foreclosed like a mortgage; subordinate to tax liens and prior recorded mortgag (Paragraph 9: "the amount of Common Expen)

Insurance

Not required; owners may obtain personal property/personal liability insurance and physical damage insurance on their unit, but must contain waiver of subrogation and be without contribution or same carrier (Paragraph 15D)

Voting & meetings

Votes based on Common Interest (unit ratio figure times 10,000, total 10,000 votes); multiple owners designate one voter by certificate (Paragraph 8)

Amendments

75% vote of Unit Owners (voting under By-Laws); notice of proposed amendment in meeting notice; amendment effective when recorded in Atlantic County Clerk's Office; copies sent to Unit Owners. Amendments affecting Common Interest require un (Paragraph 20)

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