Sea Street Condominium

Key facts from Sea Street Condominium's documents

Community type

Condominium

Legal name

223 SEA STREET CONDOMINIUM TRUST

Governing law

Massachusetts General Laws, Chapter 183A as amended (Article II, Section 2.1)

Assessments & dues

Trustees estimate common expenses for fiscal year at least 30 days before start, determine assessment per percentage interest (Section 5.4.2)

Special assessments

Supplemental assessments allowed if original assessment insufficient (Section 5.4.2)

Reserves & fees

Interest at rate determined by Trustees for regular assessments; 18% per annum for parking assessments (Section 5.4.2)

Architectural approval

Structural improvements, alterations, or additions to unit or exclusive-use common area require prior written approval of Trustees and all mortgagees on unit (Section 5.5.1)

Maintenance

Unit owners: interior walls, ceilings, floors, windows, doors, utility lines/fixtures exclusively serving unit; limited common elements (exclusive use). Trustees: Common Elements generally; snow removal as above. (Section 5.2, Section 5.3.1)

Insurance

Master policy covering Common Elements (fire, extended coverage, all risk); liability insurance $5,000,000 minimum; fidelity bonds if FHLMC/FNMA hold interest; workers' comp (Section 5.7.1)

Use restrictions

Units intended and may be used solely for residential purposes (Section 5.2)

Voting & meetings

One vote per unit; beneficial interest percentage based on Master Deed percentage interest in Common Elements (Section 4.1, Section 4.2)

Amendments

Trustees with 75% beneficial interest consent may amend; certain amendments require unanimous consent (change percentages) or Sponsor consent (Section 3.1 rights); recorded instrument (Section 7.1)

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