Sealoft Condominium

Key facts from Sealoft Condominium's documents

Community type

Condominium (Page 3 of 52, Title)

Legal name

Sealoft Condominium

Governing law

New Jersey Condominium Act (N.J.S.A. 46:8B-1 et seq.) (Page 4 of 52, ‘under and pursuant to the)

Assessments & dues

Amount set by Management Committee in annual budget; initial budget in Exhibit E (not legible); if no assessment made, last year's amount presumed (By-Laws Article II, Section 2, Page 33 o)

Special assessments

Management Committee may levy lump sum assessment for immediate need or emergency; also may levy to maintain reserves (By-Laws Article II, Section 2, Page 33 o)

Collections & liens

Assessments are a lien against the unit (By-Laws Article II, Section 1, Page 32 o)

Reserves & fees

Required; initial deposit from each unit owner (amount not specified); used for emergency when assessments insufficient (Master Deed §24, Page 21-22 of 52)

Pets

Domestic pets may be kept subject to Rules and Regulations; Management Committee may prohibit entirely except pets on premises as of date of prohibition (Master Deed §12(f), Page 14 of 52)

Leasing & rentals

Unit owners may freely lease and sell their units (Master Deed §12(b), Page 13 of 52)

Maintenance

Association responsible for maintenance of common elements and areas under exclusive easement; owner reimburses Association if repair caused by owner's negligence or willful misconduct (Master Deed §12(l), Page 14-15 of 52)

Insurance

Fire insurance minimum $500,000 (full replacement cost); comprehensive liability minimum $1,000,000; coverage reviewed annually (Master Deed §19(d), Page 18-19 of 52)

Use restrictions

Unit shall be occupied only as a private residence for owner, family, lessee, or guests (Master Deed §12(a), Page 13 of 52)

Voting & meetings

Each Unit Owner has one vote (By-Laws Article II, Section 3, Page 35 o)

Amendments

Master Deed may be amended only by affirmative vote of 100% of Association members; must be recorded (Master Deed §26, Page 22-23 of 52)

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