Peer Place Habitat Condominuim

Key facts from Peer Place Habitat Condominuim's documents

Reflects the 2011 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Title: 'MASTER DEED FOR PEER PLACE HABIT)

Governing law

New Jersey Condominium Act, N.J.S.A. 46:8B-1 et seq. (WHEREAS paragraph 2)

Assessments & dues

Not fixed; Board fixes annually in consultation with Morris County Affordable Housing Corporation, subject to approval (Section 6.3)

Special assessments

Special Common Expense assessment for reconstruction, unexpected repair/replacement of existing capital improvement. If exceeds $500 (increased by CPI since 2011) in aggregate, requires 100% vote of interest in Common Elements (Section 6.9)

Collections & liens

Assessments are a continuing lien on the Unit; can be foreclosed in same manner as mortgage (Section 6.2)

Reserves & fees

Not required but Board may establish reserves (Implicit in Section 6.13(b) regarding in)

Pets

Yes, limited to two household pets per Unit (Section 10.1(P))

Leasing & rentals

Prohibited (Section 10.1(G))

Parking & vehicles

Prohibited except temporarily for servicing (Section 10.1(S))

Architectural approval

Yes, Board approval required for additions, alterations, improvements affecting Unit exterior or Common Elements. Interior non-bearing wall changes need Board approval. (Section 3.3, Section 10.1(X))

Home business

Not permitted unless allowed by Board or law (Section 10.1(H))

Maintenance

Association (Section 7.2(a): 'exterior and roof of Bu)

Insurance

Board shall obtain blanket property insurance on Common Elements at replacement value (excluding land, foundations, slabs, excavations) (Section 11.1)

Use restrictions

Units used only as private residence. No business, trade, profession except as permitted by law and Rules/Regulations (Section 10.1(H))

Voting & meetings

Each Unit Owner entitled to cast vote equal to proportionate interest in Common Elements. Sponsor may vote for Units it owns but not for amendment of Master Deed or By-Laws except to break ties. (Section 5.3)

Amendments

Not fully detailed; Sponsor has power of attorney to execute amendments for certain purposes. Amendments affecting floors plans, proportionate interests, or financial obligations require consent of affected Unit Owners and Mortgage Holders. (Section 9.2(a))

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