Sea Terrace Condo

Key facts from Sea Terrace Condo's documents

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

Community type

Condominium (Title: Sea Terrace Condominium)

Legal name

Sea Terrace Condominium Association

Units / lots

4 residential units (Recitals: 'Sea Terrace Condominium by th)

Governing law

New Jersey Condominium Act, N.J. Revised 46:8B-1, et seq. (Recitals: 'provisions of the Laws of the)

Assessments & dues

Based on estimated Common Expenses for the year, including contingencies and reserves; annual assessment set by Board of Directors (Article IX Sec 4: 'Assessments for Commo)

Special assessments

Allowed; manner determined by Board of Directors; but for judgment satisfaction, no assessment shall exceed total annual assessment for Common Expenses in that year (Article IX Sec 6: 'Special assessments s)

Collections & liens

Unpaid assessments constitute a lien against the Unit; Association may foreclose; lien subordinate to taxes and prior recorded mortgages (Article IX Sec 10: 'All charges and expe)

Reserves & fees

Interest at 18% per annum after 10 days grace; carrying charges at highest rate permitted by law but not exceeding 18% per annum (Article IX Sec 11.A: 'all sums not paid )

Leasing & rentals

Yes, Unit Owner may lease for term of no less than one week; lease for term less than two weeks requires Association approval (Article IV Sec 2: 'A Unit Owner may leas)

Maintenance

Association maintains Common Elements; Limited Common Elements maintenance and repair are sole expense of each Unit Owner; Unit Owner responsible for interior of unit (walls, floors, etc. but not structural) after casualty if damage only to (Def 6: 'Repair and/or maintenance of sai)

Insurance

Association purchases comprehensive casualty and liability insurance covering Common Elements and Limited Common Elements, including installed fixtures, interior walls, alterations, appliances, additions within units; minimum liability $1,0 (Article VI: 'The insurance ... purchased)

Use restrictions

Units shall be utilized for single-family residential use only (Article III Sec 1: 'The Residential Unit)

Voting & meetings

Each Unit entitled to one (1) vote in the Association; initially sponsor holds all votes; upon unit conveyance, each unit owner gets one vote (Def 14: 'Each Unit shall be entitled to )

Amendments

Amendments to Declaration require 30 days written notice by certified mail to all Unit Owners; resolution approved by Board of Directors and Unit Owners (100% of Directors and 100% of Units); recorded in Atlantic County; same for Associatio (Article XII: 'Thirty (30) days, written )

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