Southbridge Condo Prop Reg

Key facts from Southbridge Condo Prop Reg's documents

Community type

Condominium

Legal name

SOUTHBRIDGE CONDOMINIUM ASSOCIATION, INC.

Developer / declarant

L.T. Higgins

Governing law

Nebraska Condominium Act (Preamble, Article I)

Assessments & dues

Board determines aggregate sum for estimated Common Expenses; assessments due monthly or less frequently. Budget summary mailed to owners; meeting set 14-30 days later; unless majority of all owners reject, budget is ratified. (Section 10.7(j))

Special assessments

Board may levy special assessment against individual Unit for damage caused by misconduct, negligence, or rule infraction by Owner or guests (10.7(f)). Also for emergency repairs when vacant unit frozen pipes (8.3). Also for cleanup after f (Sections 8.3, 8.11, 10.7(f))

Collections & liens

Unpaid assessments constitute a lien on the Unit, superior to all other liens except (i) taxes and special assessments, and (ii) sums unpaid on an Eligible Mortgage. Lien may be foreclosed like a deed of trust; Owner must pay costs, expense (Section 10.9)

Reserves & fees

Common Expenses include allocations to reserves (definition 1.8). Not further detailed. (Section 1.8)

Leasing & rentals

Yes, a Unit Owner may lease his or her Unit and/or garage at any time, provided conditions are met. (Section 8.8)

Architectural approval

Except for Improvements by Declarant, no Improvement (excluding interior) shall be constructed or altered that affects exterior appearance without prior written approval of the Unit Owner's Committee (Architectural Control Committee). Three (Section 7.1(a))

Home business

Owner may keep personal business records/accounts and handle personal business calls/correspondence from Unit. (Section 8.1)

Maintenance

Association responsible for maintenance, repair, and replacement of all roofs. (Section 9.1(b))

Use restrictions

Units restricted to single family residential use. (Section 8.1)

Voting & meetings

Each Unit is allocated one vote, regardless of number of persons holding interest. Delinquent owners lose voting rights. (Section 2.1 (one vote), Section 10.1 (de)

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