Veranda Condominium

Key facts from Veranda Condominium's documents

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

Community type

Condominium

Legal name

Veranda Condominium

Units / lots

134 (Recital B and Section 4 ('one hundred th)

Developer / declarant

Miller and Smith Homes at the Peninsula, LLC (Opening paragraph)

Governing law

Chapter 22, Title 25 of the Delaware Code (Delaware Unit Property Act) (Recital C)

Assessments & dues

Council establishes Common Expense assessments in amount at least sufficient to maintain and operate Common Elements; annual budget prepared; due dates as per Master Declaration or, in absence, annually in advance as of January 1 (Section 8 ('Council to establish Common )

Special assessments

Council may levy special assessment for construction, reconstruction, unexpected repair or replacement of capital improvement to Common Elements, or any other lawful purpose, subject to limitations in Code (Section 8 ('Council may levy, in any ass)

Collections & liens

Each assessment is a continuing lien upon the Unit; may be foreclosed in same manner as mortgage foreclosure; suit for money judgment may be maintained without waiving lien (Section 8 ('Each assessment shall be a c)

Reserves & fees

Council shall levy an assessment for a capital reserve fund for construction, reconstruction, unexpected repair or replacement of capital improvements to Common Elements and Limited Common Elements that Association is obligated to maintain; (Section 8 ('Council shall levy... an ass)

Leasing & rentals

Leasing is governed by Master Declaration; all leases subject to Condominium Documents; failure to comply constitutes lease default (Section 10 ('All leases shall be express)

Insurance

Multiperil master or blanket policy on entire Condominium (Units and Common Elements) including standard fixtures and building service equipment, and personal property of Association; amount equal to 100% of insurable value at replacement c (Section 16(a) ('Council shall obtain and)

Voting & meetings

Each Unit Owner entitled to number of votes equal to the percentage interest assigned to the Unit; voting in person or by proxy (Section 7 ('each Unit Owner shall be ent)

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