Nassau Square Condominium Association

Key facts from Nassau Square Condominium Association's documents

Community type

Condominium

Legal name

Nassau Square Condominium Association, Inc.

Governing law

Planned Real Estate Development Full Disclosure Act (PREDFDA), N.J.S.A. 45:22A-48.4 (WHEREAS)

Assessments & dues

Governing Documents create assessment obligation of all owners and charge Board with assessment and collection (WHEREAS clauses)

Collections & liens

If full payment not received within 90 calendar days after due date, matter turned over to Association's attorney who sends letter; all remaining installments for year accelerated and lien placed on Unit with filing cost and reasonable atto (II.2)

Reserves & fees

If payment not received by 15th day of month due, account deemed late; $3.00 late fee for low income units, $6.00 for moderate income units, $15.00 for all other units; part of continuing lien; additional late fee every 30 days thereafter o (II.2)

Architectural approval

Written approval required; Board decides within 30 days of submission; installation may proceed with permits, signed license agreement, and required documentation including proof of insurance; failure to provide written approval deemed deni (Section I.7)

Maintenance

Each Unit Owner is responsible for repairs where the casualty damage is only to Unit components (Preamble C: 'Article VI, Section 3, para)

Insurance

Affected Unit Owners shall be responsible for bearing the responsibility for and/or paying the insurance deductible (Preamble F and G)

Amendments

Resolution duly introduced and thereafter adopted pursuant to the terms and conditions of the Governing Documents (Preamble I)

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