Preserve Homeowners

Key facts from Preserve Homeowners's documents

Reflects the 2009 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

homeowners association (Article I Section 1.01; Article II Secti)

Legal name

The Preserve Homeowners' Association, Inc.

Developer / declarant

John Michael Bearlepp and Marie Bearlepp (Preliminary Statement paragraph A; Execu)

Governing law

Municipal Land Use Law, N.J.S.A. 40:55D-1 et seq. (Preliminary Statement paragraph B (page )

Assessments & dues

Board fixes Common Expense Assessments annually; allocated equally per Lot (numerator 1, denominator total number of Lots) (Article IV Sections 4.01 and 4.05 (pages)

Special assessments

Yes; requires assent of majority of votes of affected Lot Owners in good standing; 15 days written notice (Article IV Section 4.08 (page 8))

Collections & liens

Unpaid assessment with interest and costs becomes a continuing lien; may be foreclosed like real property mortgage; acceleration after 30 days delinquency; lien filed after 60 days; foreclosure suit after 120 days (Article IV Sections 4.10, 4.12 (pages 9-)

Reserves & fees

First late payment in calendar year: $25; each additional late payment: $50; due with delinquent payment (Article IV Section 4.13 (page 9))

Architectural approval

Yes; all new homes and structures (and modifications) must comply with Design Restrictions enforced by The Preserve Architectural Committee (PAC) until Initial Completion Date, then by Association (Article VIII Section 8.03; Exhibit D (pa)

Maintenance

Association maintains Common Property; Owner responsible for damage to Common Property caused by own negligence or that of family, pets, guests, etc. (Article II Section 2.02; Article V Secti)

Insurance

Association shall obtain insurance on Common Property (fire, vandalism, liability, and other) as determined by Board; fidelity bonds may also be maintained (Article IX Section 9.01; By-Laws Article)

Voting & meetings

One vote per Lot (Article III Section 3.03 (page 6); By-La)

Amendments

By vote of at least a majority of all Lot Owners; certain amendments require 51% of Eligible Mortgage Holders; must be recorded in both Somerset and Morris County Clerk offices (Article XII Section 12.02; Article XI Se)

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