Presidential Condominium (NJ)

Key facts from Presidential Condominium (NJ)'s documents

Reflects the 1984 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

THE PRESIDENTIAL A CONDOMINIUM

Developer / declarant

M & M, A Joint Venture

Governing law

Condominium Act of the State of New Jersey N.J.S.A. 46:8B-1 et seq. (Page 1, Preamble)

Assessments & dues

Fixed from time to time by Trustees (no set amount in document) (By-Laws Article IV, Section 4)

Collections & liens

Unpaid charges/assessments constitute a lien on the unit; priority over all other liens except taxes and bona fide recorded mortgages; lien recorded in Atlantic County Clerk's office; if unpaid more than 30 days after due, Association may f (Pages 19-20, Section 7(12); By-Laws Arti)

Reserves & fees

Trustees shall establish reserves for deferred maintenance (less frequent than annually), replacement, and capital improvements (Page 18, Section 7(11))

Leasing & rentals

Grantor, Association and any owner have absolute right to lease their units, subject to terms of Master Deed, By-Laws, Rules and Regulations, and Condominium Act (Page 22, Section 7(18))

Use restrictions

Units shall be occupied and used only as private single-family residential dwellings for owner, family, tenants and social guests, and for no other purposes except temporary non-residential uses permitted by Grantor during construction/deve (Page 13, Section 7(4))

Voting & meetings

Each unit entitled to one vote in the Association; co-owners jointly one vote; proxy allowed by written instrument revocable (Page 7, Section 3(1); By-Laws Article II)

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