28-30 Penn Street Condominium

Key facts from 28-30 Penn Street Condominium's documents

Community type

condominium (Master Deed paragraph (1) Name)

Legal name

28-30 Penn Street Condominium

Developer / declarant

Clark J. Maloof and James P. Molloy

Governing law

Massachusetts General Laws Chapter 183A (Master Deed introductory paragraph)

Assessments & dues

Trustees estimate common expenses at least 30 days before fiscal year, then assess per beneficial interest. Supplemental assessments also allowed. (Declaration of Trust Section 5.4.2)

Special assessments

Supplemental assessments allowed if expenses exceed initial assessment (any reason, including construction of additional common areas). (Declaration of Trust Section 5.4.2)

Collections & liens

Unpaid assessments, late charges, and attorney's fees constitute a lien on the unit under Chapter 183A Section 6. First mortgagee takes free of unpaid assessments on foreclosure (Section 6.5). (Declaration of Trust Section 5.4.2, Sect)

Reserves & fees

Trustees shall establish and maintain an adequate reserve fund for periodic maintenance, repair and replacement of improvements to common areas, funded from regular assessments. (Declaration of Trust Section 5.4.1)

Leasing & rentals

Yes, but with restrictions: lease must be for entire unit, in writing, no transient/hotel use. Lessee must agree to comply with documents. Copy of rules attached. (Master Deed Paragraph 7(b))

Architectural approval

Trustee approval required for removal or installation of interior non-bearing walls. Also prohibited any exterior changes unless by trustee permission. (Master Deed Paragraph 8(b), 8(c))

Maintenance

Unit owners responsible for maintenance and repair of their units (including interior finishes, windows, doors, plumbing, etc.). Trustees responsible for common areas (including structural, utilities, etc.). (Declaration of Trust Sections 5.2, 5.3)

Insurance

Trustees may set a deductible amount. (Declaration of Trust Section 5.8.1)

Use restrictions

All units shall be used for residential purposes. (Master Deed Paragraph 7(a))

Voting & meetings

Each unit has one vote; beneficial interest determines voting power; if multiple owners, designated one voter. (Declaration of Trust Section 4.2; Sectio)

Amendments

Master Deed: signed by owners of 75% undivided interest and majority of trustees, recorded within 6 months; requires consent of all unit owners if changing percentages, consent of first mortgagees if impairing security. Declaration of Trust (Master Deed Paragraph 10; Declaration of)

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