Ocean II Condo

Key facts from Ocean II Condo's documents

Reflects the 2000 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Ocean II Condominium Association, Inc.

Governing law

New Jersey Condominium Act, N.J.S.A. 46:8B (Amendment No. 6 to By-Laws (N.J.S.A. 46:)

Assessments & dues

Executive Committee prepares budget each fiscal year, determines common charges based on percentage of common interest. Charges paid in quarterly installments on Jan 1, Apr 1, Jul 1, Oct 1. Statement mailed year start; no further billing re (Amendment No. 4 (Article II Section I) t)

Special assessments

For capital improvements: requires 66-2/3% vote of all votes eligible. Added assessment for operating expenses/unexpected repair: no vote required. (Amendment No. 8 (Section 11(c)) to Maste)

Collections & liens

Assessment constitutes lien on unit, prior to all other liens except taxes and prior recorded mortgages. Lien may be foreclosed like real estate mortgages. Association entitled to attorney's fees and costs. (Amendment No. 9 (Section 12) to Master D)

Reserves & fees

10% of delinquent quarterly or monthly assessment, added in quarter/month when due. (Amendment No. 4 to By-Laws; Amendment No)

Leasing & rentals

Yes. Units may be rented to qualified tenants. (Amendment No. 6 (Rental of Units) to Mas)

Maintenance

Unit owner responsible for maintenance, repairs, replacements of own unit. Association responsible for common elements functioning. Association may do emergency repairs if owner fails. (Amendment No. 8 (Section 11(f)) to Maste)

Use restrictions

Unit shall be occupied as private residential dwelling for owner, family, tenants, social guests and for no other reason. (Amendment No. 6 (Declaration of Restrict)

Voting & meetings

Each unit entitled to one vote. Only unit owners in good standing at least five days prior to meeting may vote. Majority in interest of votes present in person or proxy sufficient. (Amendment No. 11 (Article IV Section VI))

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