Ocean Vista Condo

Key facts from Ocean Vista Condo's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Ocean Vista Condominium Assn.

Governing law

N.J.Revised Statutes 46:8B-1, et seq. (Condominium Act) (Master Deed Recitals, p.3)

Assessments & dues

Not fixed; set annually by Board based on estimated Common Expenses. (Master Deed Art. IX para 4, p.14)

Special assessments

Permitted; limited to an amount not to exceed total annual Common Expenses assessment for that year when made to satisfy a judgment against the Association. (Master Deed Art. IX para 6, p.15)

Collections & liens

Unpaid assessments constitute a lien on the Unit. Association may foreclose or sue at law. Lien is subordinate to prior recorded mortgages and tax liens. (Master Deed Art. IX paras 10, 11, 12, p.)

Reserves & fees

Common Surplus may be allocated to reserve accounts for future purposes as Board deems advisable. (Master Deed Art. I para 8, p.4)

Leasing & rentals

Yes, for term of two weeks or longer with prior written notice to Association including lessee name and address. Lease for less than two weeks requires Association approval. (Master Deed Art. IV para 2, p.9-10)

Maintenance

Association responsible for Common Elements and parts of Units as determined. Unit Owner responsible for damage caused by his act/neglect. (Master Deed Art. I para 7, p.4; Art. VII)

Insurance

Comprehensive casualty and liability insurance covering Common Elements, installed fixtures, interior walls, alterations, appliances. Flood insurance at maximum FEMA limits. Minimum liability $1,000,000. (Master Deed Art. VI paras 4A, 4E, p.11)

Use restrictions

Residential Units shall be utilized for single-family residential use only. (Master Deed Art. III para 1, p.8)

Voting & meetings

One vote per Unit. If multiple owners, one vote cast by designated representative. (Master Deed Art. I para 14, p.5; Bylaws )

Amendments

30 days written notice via certified mail; resolution by Board of Directors or Unit Owners; approved by not less than 60% of Directors and 60% of Units; recorded in Atlantic County. (Master Deed Art. XII para 1, p.18)

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