Ux-413 Condominium Association Inc

Key facts from Ux-413 Condominium Association Inc's documents

Reflects the 2025 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Reciting clause: "to be known as UX-413 )

Governing law

N.J.S.A. 46:8B-1 et seq. (Condominium Act) (Reciting clause and Section 2.12)

Assessments & dues

Board fixes Annual Common Element Expense Assessments (budget) at least sufficient to maintain and insure. Allocation by Percentage Interest in General Common Elements. (Sections 7.03, 6.04, 7.06)

Special assessments

Yes. Board may levy Special Common Expense Assessment for shortfall, reconstruction, etc., subject to Member vote (51%) for litigation assessments. While Sponsor controls Board, no special assessment unless required by Governmental Authorit (Sections 2.39, 7.10, 7.16)

Reserves & fees

Reserves are included in Common Expenses and may be funded from Common Surplus. (Sections 7.03, 7.15)

Leasing & rentals

Yes (definition of Lease in 2.23, and restrictions in Article XI 11.03 are referenced but not excerpted). No cap or minimum term extracted. (Sections 2.23, 11.03 (implied))

Insurance

Insurance is required; details in Article XII not fully excerpted. Fidelity bond mentioned. (Sections 7.17, 12.01)

Use restrictions

Each Unit is for single-family residential use. (Section 2.42: "for single-family residen)

Voting & meetings

Each Member in Good Standing (Unit Owner) casts one vote equal in weight to Percentage Interest in General Common Elements. Sponsor may vote for unsold Units but not for electing Trustees in Transition Election or amending Master Deed to ch (Section 6.06)

Amendments

Master Deed may be amended (Section 16.02) but not fully excerpted. Approval of Eligible Mortgage Holders required for certain amendments (14.03). (Sections 16.02, 14.03)

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