Captains Quarters Condo

Key facts from Captains Quarters Condo's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article I, Section 1: "the condominium u)

Legal name

Captain's Quarters Condominium Association, Inc.

Governing law

P.L. 1969, Ch. 257, R.S. 45:8B-1 et seq. (Article I, Section 1: "The statutes rela)

Assessments & dues

Board of Officers prepares annual budget determining common expenses; allocates among unit owners according to their percentage interest in Common Elements; payable in 12 equal monthly installments on the 1st of each month in advance (Article III, Section 2(b); Article V, Se)

Special assessments

Board may levy special assessments for increased operating costs, capital expenses, or emergency situations; capital improvements over $5,000 require prior authorization by 75% vote of shares at a meeting with quorum (Article III, Section 2(o); Article V, Se)

Collections & liens

Unpaid common expenses and assessments constitute a lien on the unit, prior to all except prior Association liens, taxes, and permitted mortgages; foreclosable like real estate mortgages; also money judgment suit after 30 days past due (Article V, Section 6)

Reserves & fees

Board may establish reasonable reserves for depreciation, retirement, and renewals; also a general operating reserve and reserve for replacements (Article III, Section 2(b): "establishmen)

Pets

Pets permitted subject to restrictions (Article V, Section 9(j))

Leasing & rentals

Leasing allowed with restrictions: unit must be owner-occupied for 2 years prior to leasing; minimum lease term 1 year; lessee must sign Acknowledgement of Receipt of By-Law Rules and Regulations; no subleasing; uniform lease form may be re (Article VI, Section 1)

Use restrictions

Units shall be used as residences only (Article V, Section 9(a))

Voting & meetings

Votes based on percentage of ownership interest in Common Elements (shares); each unit's share per Master Deed (Article II, Section 8: "The aggregate nu)

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