Lake Victoria a Condo

Key facts from Lake Victoria a Condo's documents

Reflects the 1988 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Lake Victoria Condominium Association, Inc.

Units / lots

80 (if both phases completed: 44 in Phase One, 36 in Phase Two) (Article III, Page 7 and Article IV, Page)

Governing law

N.J.S.A. 46:8B-1 et seq. (Article I, Page 4)

Assessments & dues

Fixed annually by Board; amount at least sufficient to maintain common elements; payable monthly (Article VIII(a), Page 14)

Special assessments

Added assessment for operating expenses, unexpected repairs: no vote required. Special assessment for capital improvements over $10,000 requires 66-2/3% of all eligible votes (Grantor's votes ineligible) (Article VIII(b) and (c), Page 15)

Collections & liens

Annual, added, and special assessments are a continuing lien upon the unit; subordinate to municipal taxes and first mortgage liens; also personal obligation of owner (Article VIII(d) and (e), Page 15)

Reserves & fees

New unit owner acquiring from Grantor must pay non-refundable payment equal to two months estimated common expense maintenance to working capital (Article XXV - Capital Account, Page 37)

Leasing & rentals

Yes, but lease or rental agreement must be in writing and subject to Master Deed and By-Laws; no lease for less than 30 days (Article XII(19), Page 23)

Parking & vehicles

Parking for 203 vehicles provided; parking lot included in common elements; limited common elements include assigned parking areas (Article III, Page 7; Article VI(a)(7), P)

Fences

Not specifically mentioned; but 'no alterations to exterior' likely covers fencing (Article XII(7), Page 22)

Architectural approval

Yes, written approval of Board of Directors required for: alterations to exterior, balconies, terraces, patios, common element areas; modifications affecting bearing walls; antennas, floodlights, wiring on exterior; painting or decorating e (Article XII(7),(8),(10),(16),(21),(23), )

Signs & flags

Not specifically mentioned (Not addressed)

Maintenance

Not explicitly; roof is part of building exterior but likely common elements (structural parts). See common elements include 'all parts of improvements above highest ceiling' (Article VI(a)(14)) (Article VI(a)(14), Page 12)

Insurance

Association shall obtain blanket property insurance on common elements in amount equal to replacement value, in form satisfactory to institutional lenders holding first mortgages on majority of units. Premiums are common expense. (Article XVIII, Page 30)

Use restrictions

true (Article XII(1), Page 21)

Voting & meetings

Each Unit has one (1) vote in the Association (Article VII(c), Page 14)

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