Coastal Station Land Condominium

Key facts from Coastal Station Land Condominium's documents

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

Community type

Land Condominium (Section 1.12, Section 2.1)

Legal name

The Coastal Station Land Condominium

Developer / declarant

The Coastal Station Development Co., LLC

Governing law

Delaware Uniform Common Interest Ownership Act (DUCIOA), Chapter 81 of Title 25 (Recital B)

Assessments & dues

Executive Board prepares proposed periodic budget; unit owners meet to ratify; if rejected, previous budget continues adjusted by CPI; assessments based on Percentage Interests (Bylaws Section 5.1(b), (c), (d))

Collections & liens

Assessments are a lien against the Unit; foreclosure available as remedy for default (Bylaws Section 5.1(c), Section 9.1(d))

Reserves & fees

Fully funded repair and replacement reserve based on a current reserve study required; budget must include full funding of reserve (Declaration Section 5.14; Bylaws Section)

Leasing & rentals

Yes, without consent of Association or any other Owner or Mortgagee (Bylaws Section 7.1)

Insurance

Insurance policies for Common Elements obtained by Executive Board in accordance with DUCIOA; policy must name each Unit Owner as insured for liability arising from interest in Common Elements; waiver of subrogation; no act of Unit Owner vo (Bylaws Section 6.1)

Voting & meetings

Each Unit Owner entitled to votes equal to Percentage Interest based on cubic footage of Land Unit; Majority Vote = simple majority of votes present and voting; Quorum = 60% of total votes (Bylaws Section 2.8(a), Section 2.10, Sec)

Amendments

Declaration: requires 67% of Owners and Mortgagees; unanimous consent needed for provisions requiring unanimous consent. Bylaws: 67% of votes of Owners. Notice to Eligible Mortgagees 7 days prior. (Declaration Article 4; Bylaws Section 10)

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