Towaco Station Condominium

Key facts from Towaco Station Condominium's documents

Reflects the 2019 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Master Deed title; WHEREAS paragraphs)

Legal name

Towaco Station Condominium Assn Inc.

Developer / declarant

TOWACO STATION LLC

Governing law

New Jersey Condominium Act, N.J.S.A. 46:8B-1 et seq. (WHEREAS, after "Condominium Act")

Assessments & dues

Board of Directors fixes Annual Common Expense Assessment in amount at least sufficient to maintain exterior of Buildings and operate Common Elements (Section 6.03)

Special assessments

Special Common Expense Assessment allowed; if exceeds 10% of Annual Common Expense Assessment in aggregate in a year, requires two-thirds (2/3) vote of Members in Good Standing (Section 6.10)

Collections & liens

Each assessment is a continuing lien on the Townhome Unit; may be foreclosed like a mortgage (Section 6.02: "each assessment... shall )

Reserves & fees

Late charges are included as Miscellaneous Assessments (Section 6.14: "fines, late charges, cost)

Signs & flags

Developer reserves easement to install sales promotional, directional, and identification signs; no rules for other signs (Section 8.02(B)(iii))

Maintenance

Roofs are General Common Elements, maintained by Association (Section 4.01(h): "Roofs..." included in )

Use restrictions

Townhome Units are residential dwellings (Section 1.41: "a residential dwelling in)

Voting & meetings

Each Member in Good Standing entitled to cast one unweighted vote per Townhome Unit owned (Section 5.03)

Amendments

Referenced in Article 16 (not in excerpt), but Article 13.03 requires approval of 51% of Eligible Mortgage Holders for certain amendments (Section 13.03: "Amendments Requiring App)

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