Two Six King Street Condominium

Key facts from Two Six King Street Condominium's documents

Reflects the 2009 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Residential Condominium (WHEREAS paragraph; Paragraph 1.00)

Units / lots

4 residential dwelling units (1 one-bedroom, 1 two-bedroom, 2 three-bedroom) (WHEREAS paragraph; Paragraph 3.01)

Governing law

New Jersey Condominium Act, N.J.S.A. 46:8B-1 et seq. (WHEREAS paragraph; Paragraph 2.11)

Assessments & dues

Fixed annually by Board in amount at least sufficient to maintain and operate; allocated per unit percentage interest (Exhibit F). Until first conveyance Developer pays all; after first conveyance owners pay their share. (Paragraphs 7.07, 7.10; 7.20)

Special assessments

Board may levy Special Common Expense Assessment. If aggregate exceeds $5,000 (increased by CPI) requires 2/3 vote of Members in Good Standing. Also Emergency and Capital Improvement assessments allowed. (Paragraphs 7.13, 7.14, 7.15)

Collections & liens

All charges and expenses constitute a lien on the Unit, prior except for taxes and first mortgages. May be foreclosed like a mortgage. Association may also pursue personal judgment. (Paragraphs 7.02, 7.06)

Reserves & fees

Interest, fines and penalties may be levied only to extent permitted by law. (Paragraph 7.02 (last sentence))

Leasing & rentals

Leasing allowed. All leases automatically include Article 4.05 of Bylaws (Leases, Assignment of Leases and Rents, Right to Evict). (Paragraph 2.17)

Fences

Developer may install fencing, area behind becomes Limited Common Elements. Owners may plant gardens subject to Rules. Association responsible for fence maintenance/replacement. (Paragraph 5.02; Paragraph 8.02)

Maintenance

Association responsible for maintenance and repair of roofs. (Paragraph 8.02: 'exterior and roof of Bu)

Use restrictions

Residential Units and Limited Common Elements cannot be used for any purpose other than private residence, except Developer's sales/administrative offices. (Paragraph 11.01)

Voting & meetings

Each Residential Unit has one vote. Developer may vote all units it owns but cannot vote for amendments that change permitted use or reduce Common Elements. (Paragraph 6.07; Paragraph 6.05 last sent)

Amendments

Not detailed in this Master Deed. Developer reserves right to amend certain provisions (e.g., percentage interests) per Paragraph 14 (not shown). Association may amend Master Deed? See Paragraph 10.02(b): Association may prepare, execute, r (Paragraph 10.02(b); Paragraph 14 cited b)

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