The Velrose Condominium Association Inc

Key facts from The Velrose Condominium Association Inc's documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article II Definitions; WHEREAS clauses)

Units / lots

2 residential units (WHEREAS; Article III)

Governing law

New Jersey Condominium Act, N.J.S.A. 46:8B-1 et seq. (WHEREAS; Article II Definitions)

Assessments & dues

Board fixes Annual Common Expense Assessment based on annual budget. (Article VII Sections 3, 4)

Special assessments

Board may levy Special Common Expense Assessment; if exceeds 10% of annual budget, requires 2/3 vote of Members in Good Standing. (Article VII Section 11)

Collections & liens

Each Common Expense Assessment is a continuing lien on the Unit; may be foreclosed like a mortgage. (Article VII Section 2)

Reserves & fees

Sponsor pays replacement reserves for unsold units after first conveyance. Sponsor turns over working capital and replacement reserve contributions when relinquishing control. (Article VII Section 7)

Pets

Cats and dogs and other pets permitted, subject to Municipal Sanitary Regulations and Board Rules. (Article XI Section 1(c))

Leasing & rentals

Leasing is mentioned in definitions and easements, but no express prohibition; not restricted in this document. (Article II Definitions (q); Article IX ()

Parking & vehicles

Each Owner has right to use ½ of tandem parking in garage; first arrival parks in front. (Article V Section 2(g))

Voting & meetings

Each Member in Good Standing one vote per Unit owned. Sponsor may vote for unsold Units except for electing Unit Owner trustees, amending documents, changing use, reducing Common Elements. (Article VI Sections 5, 6; Article X Sect)

Amendments

Sponsor has power of attorney to execute amendments for 5 years or until last Unit sold; limitations require consent of affected Unit Owners and mortgage holders for certain changes. (Article X Sections 2, 3)

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