M-22 Madison East Condominium

Key facts from M-22 Madison East Condominium's documents

Reflects the 1986 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Master Deed §1, Declaration of Trust Art)

Legal name

M-22 Madison East Condominium Trust

Developer / declarant

Joseph A. Volpicelli

Governing law

Chapter 183A of the Massachusetts General Laws (Declaration of Trust Article II§1; Maste)

Assessments & dues

Set annually by vote of unit owners based on estimated budget; assessed proportionally to common element interest (33.333% each unit) (By-Laws §4.1)

Special assessments

If common expenses assessed are insufficient for remainder of year, Board prepares supplemental budget and unit owners vote at special meeting (By-Laws §4.1)

Collections & liens

Unpaid assessments constitute a lien on unit under M.G.L. c.183A §6; Board may foreclose lien or bring action at law; suit to recover money judgment may be maintained without foreclosing or waiving lien (By-Laws §4.2, §4.3)

Reserves & fees

Replacement reserve as established by Trustees/Managers; also FHLMC/FNMA provision requires adequate reserve fund for maintenance, repairs, replacement of common elements that must be replaced on a periodic basis (By-Laws §4.1; Declaration of Trust Artic)

Leasing & rentals

Yes, units may be leased or rented in their entirety (Master Deed §7; By-Laws §4.7(a); Declara)

Insurance

Master policy covering all common elements (except land, foundation, excavation, etc.) including fixtures and building service equipment, common personal property; also fixtures/equipment within units customarily considered part of unit for (By-Laws §4.4A)

Use restrictions

Units shall be used solely for residential purposes by no more than one family or two unrelated persons; also each unit as a single family residence of unit owner or lessees (Master Deed §7; By-Laws §4.7(a))

Voting & meetings

Each unit has one vote; voting rights proportional to common element interest (Declaration of Trust Article III§1 ('Eac)

Amendments

Master Deed amendment requires vote of 100% of unit owners and approval of eligible mortgage holders holding at least 51% of votes of units subject to eligible holder mortgages; must be recorded. For Declaration of Trust/By-laws, amendments (Master Deed §9; Declaration of Trust Art)

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