Atlantic East

Key facts from Atlantic East's documents

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

Community type

Commercial (permitted uses under C-1 Commercial zoning, Sussex County) (Section 8.1.1)

Legal name

Five Points Square Property Owners Association, Inc. (WHEREAS clause and Article I definitions)

Units / lots

3 (Parcels B, C, D) (Section 4.3.2 (votes per lot: Lot B, Lot)

Special assessments

Allowed for capital improvements or operating cost overruns; requires majority of a quorum voting in person or by proxy at a duly called meeting (Section 6.3.5)

Collections & liens

Association may record lien for unpaid assessments, including interest, penalties, attorney’s fees; may foreclose; personal obligation of owner also (Section 6.4)

Reserves & fees

Board shall establish and maintain a reserve fund for replacements of Common Area (Section 6.3.10)

Leasing & rentals

Allowed; lease must be substantially similar to Exhibit D, provide for compliance with governing documents, and a copy filed with Association; Developer reviews inconsistent lease forms; lessee violations are grounds for eviction; owner lia (Section 8.16)

Setbacks / home size

In accordance with building and setback lines established by Developer and authorized by Sussex County zoning (Section 8.5)

Amendments

Article III (Plan of Development) may not be amended without Developer's written consent; Section 4.7.8 (Legal Proceedings) may not be amended without Developer consent during Rights Period, thereafter requires 85% vote and mortgagee consen (Section 3.2, 4.7.8)

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