Ocean Three a Condo Residence

Key facts from Ocean Three a Condo Residence's documents

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

Community type

Condominium

Legal name

Oceans Three Condominium Association (Paragraph 2-A, Page 3)

Developer / declarant

Fetter and Shearn Builders, Inc.

Governing law

R.S. 46:8B-1 et seq. (The New Jersey Condominium Act) (Preamble and Paragraph 1)

Assessments & dues

Common Expenses charged according to each Unit Owner's undivided percentage interest in Common Elements (as set in Exhibit D). Sponsor pays all Common Expenses until Association makes an assessment. (Paragraph 17, Pages 36-37; Exhibit D, Pa)

Leasing & rentals

Yes, with conditions: lease must be of entire unit, in writing, and subordinate to Master Deed and By-Laws; lessee's failure to comply is default under lease. (Paragraph 16, Page 36)

Architectural approval

Structural additions, alterations, or improvements in or to a unit or common elements require written consent of the Board; no exterior additions/alterations. Board must respond within 45 days; failure to respond is deemed consent. (Paragraph 9-H, Pages 16-17)

Voting & meetings

One vote per unit; if multiple owners or lease, certificate designating voter; corporation or partnership also by certificate. Voting interest not based on percentage interest. (Paragraph 6, Pages 6-7)

Amendments

Material amendments require 100% Unit Owner approval; amendment must be recorded. Certain paragraphs (5, 9-A, 10) cannot be amended. Sponsor cannot vote unsold units for amendments changing use or reducing common elements. (Paragraph 18, Pages 37-38)

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