Y Not Condo

Key facts from Y Not Condo's documents

Reflects the 2002 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Y NOT CONDOMINIUM

Developer / declarant

THOMAS J. SHERLOCK

Governing law

New Jersey Revised Statutes 46:8B-1 et seq. (Condominium Act) (Master Deed, recital and Section 3)

Assessments & dues

Projected per unit annual budget $3,300 (Exhibit E) – actual assessment set by Association budget. (Exhibit E, Master Deed)

Special assessments

May be made at any time by the Association, including for capital improvements. (Master Deed Section 11B)

Collections & liens

Assessments when due become a lien against unit; may be foreclosed; includes interest and reasonable attorney's fees. (Master Deed Section 11D, E, F, G)

Reserves & fees

Projected budget includes $100 per unit reserve; also reasonable reserves for contingencies. (Exhibit E and Master Deed Section 11A)

Use restrictions

Units designed and intended for use as a private residence. (Master Deed Section 3N)

Voting & meetings

Each unit owner has one vote; total 2 votes. (Master Deed Section 10)

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