Tranquility Condominium (NJ)

Key facts from Tranquility Condominium (NJ)'s documents

Community type

Condominium

Legal name

Tranquility Condominium

Governing law

New Jersey Condominium Act (N.J.S.A. 46:8B-1 et seq.) (Preamble, Master Deed page 3)

Assessments & dues

Management Committee estimates annual charge on or before December 1st; assessed per percentage interest in common elements (Exhibit G); paid in equal quarterly installments due January 1st (Section 9(a), Master Deed page 10-11)

Special assessments

Management Committee may levy further assessment if estimate inadequate; also may levy special assessment for reserve maintenance (Section 9(a) and Section 24, Master Deed)

Collections & liens

Assessment becomes a lien upon recording of Claim of Lien per New Jersey Condominium Act; foreclosure with costs and attorney fees; receiver may be appointed; Management Committee may bid at sale (Section 10, Master Deed pages 12-13)

Reserves & fees

Reserve deposits held in separate interest-bearing account; Management Committee shall maintain reasonable reserve for emergencies and replacement, kept in interest-bearing securities (Section 24, Master Deed pages 21-22; By-)

Pets

Domestic pets may be kept subject to Rules and Regulations; Management Committee may entirely prohibit except pets already on premises at time of prohibition (Section 12(f), Master Deed page 14)

Leasing & rentals

Unit owners may freely lease their units (Section 12(b), Master Deed page 13)

Maintenance

Owner responsible for unit interior maintenance including fireplace and flue; Association responsible for common elements and exclusive easement areas, but if repair needed due to owner negligence, owner reimburses Association (Section 12(l) and 12(q); By-Laws Article)

Insurance

Fire insurance minimum $375,000 (full replacement cost); comprehensive liability minimum $1,000,000; other risks as customary; By-Laws require coverage against fire, lightning, flood, windstorm, vandalism, extended coverage equal to full re (Section 19, Master Deed pages 17-19; By-)

Use restrictions

Private residence for unit owner, family, lessees, or guests (Section 12(a), Master Deed page 13)

Voting & meetings

One vote per unit, no fractional voting (Section 8, Master Deed page 10)

Amendments

Requires 100% affirmative vote of Association members; must be recorded (Section 26, Master Deed page 23)

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