97 Edwards Street Condominium

Key facts from 97 Edwards Street Condominium's documents

Reflects the 2012 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article I, Section 1.1; Master Deed refe)

Governing law

Chapter 183A of the Massachusetts General Laws (Article I, Section 1.2; Article II, Sect)

Assessments & dues

Board of Trustees prepares budget at least 30 days before fiscal year, determines amount of Common Charges, allocates based on percentage undivided interest in Common Elements as per Exhibit B of Master Deed. (Article V, Section 5.1)

Special assessments

Allowed as supplemental assessment for unexpected expenses; also for improvements as per Section 5.10 (75% approval for cost over 10% of value). (Article V, Section 5.1 (supplemental ass)

Collections & liens

Unpaid Common Charges, late charges, interest, expenses and attorneys' fees constitute a lien on the Unit. Trustees may foreclose and have power to purchase Unit at sale. (Article V, Sections 5.4, 5.5)

Reserves & fees

Common expenses shall include an adequate reserve fund for maintenance, repairs and replacement of Common Elements that must be replaced periodically. Reserves are part of regular assessments, not special assessments. (Article V, Section 5.1 (paragraph 'Condo)

Pets

Not explicitly addressed in this declaration; likely governed by Master Deed or future Rules and Regulations. (No reference to pets in this document)

Leasing & rentals

Yes, but subject to Master Deed and Rules and Regulations. Minimum initial term of 365 days. Declarant may lease unsold Units for minimum 90 days. Copy of lease must be furnished to Trustees. (Article V, Section 5.19)

Insurance

Multi-peril all-risk insurance policy including fire and extended coverage, at least 100% replacement cost, covering Common Elements and all Units (including fixtures, additions, etc.) but not personal property. Also boiler explosion if app (Article V, Section 5.7 (paragraphs start)

Voting & meetings

Each Unit has one Beneficial Interest; multiple owners must designate one person to exercise rights. Voting is by percentage of Beneficial Interest (proportional to Common Element interest). (Article III, Section 3.1 (Beneficial Int)

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