The 307 New York Condominium Association Inc

Key facts from The 307 New York Condominium Association Inc's documents

Reflects the 2020 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title Master Deed and Section 1)

Developer / declarant

Thomas Hubben (Opening paragraph and Section 2(ii))

Governing law

New Jersey Condominium Act, N.J.S.A. 46:8B-1 et seq. and Exemption No. 18552 (WHEREAS (page 4/79) and Section 2(k))

Assessments & dues

Not fixed; to be determined by Board (Section 8(c))

Special assessments

Allowed; if exceeds 10% of annual budget, must be approved by all Unit Owners at a meeting with 30 days written notice (Section 8(j))

Collections & liens

Unpaid assessments constitute a lien prior to all other liens except taxes and mortgages; may be foreclosed like mortgage; Board may bid; also maintain money judgment without waiving lien (Section 8(s))

Reserves & fees

Mentioned as part of Member in Good Standing definition; amount not specified (Section 2(w))

Leasing & rentals

Unit owners have absolute right to lease their units subject to covenants and restrictions (Section 17(c))

Architectural approval

Interior modifications require prior written approval of Board; bearing walls cannot be removed; no separate ARC mentioned (Section 4(c))

Maintenance

Association responsible for exterior and roof (Section 10(b))

Insurance

Not required; owners may obtain individual unit insurance (Section 21 (last sentence))

Use restrictions

Units shall be occupied and used only as private dwellings for owner, family, tenants, and social guests, and for no other purpose (Section 15(b))

Voting & meetings

Each unit entitled to one equal vote per unit; Sponsor may vote for all units owned but not for election of Unit Owner Trustees, amendment of Master Deed/By-Laws, change of permitted use, or reduction of Common Elements (Section 7(d) and Section 25)

Amendments

Requires unanimous vote of all Unit Owners and Sponsor (if owns at least one Unit); effective upon recording (Section 33)

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