Fifteen W Main Mendham Condominium

Key facts from Fifteen W Main Mendham Condominium's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Section 1: Submission of Property to the)

Legal name

15 W. Main Mendham Condominium

Units / lots

4 (Units 2, 3, 4 as Residential Units; Unit 1 as Commercial Unit) (Section 3(a) and Section 2(x))

Developer / declarant

15 WEST MAIN, LLC, a New Jersey Limited Liability Company with an office at c/o The Hampshire Companies, LLC, 83 South Street, Morristown, New Jersey 07960 (Opening paragraph and Section 2(k))

Governing law

New Jersey Condominium Act (N.J.S.A. 46:8B-1 et seq.) (Section 1)

Assessments & dues

Association prepares a Budget; Budget automatically takes effect at beginning of fiscal year; each Unit Owner pays Percentage Interest of Common Expenses as set forth in Budget (Sections 5.4.1, 5.4.2, 5.4.4)

Special assessments

Any adjustment to the Budget to be assessed against all Unit Owners (a 'Special Assessment') must be adopted by the Association at a meeting; payable within 30 days of notice; constitutes a lien (Section 5.5.3)

Collections & liens

All Assessments shall until fully paid constitute a lien against the Unit pursuant to N.J.S.A. 46:8B-21 and also personal liability of the Unit Owner (Section 5.6.3)

Reserves & fees

The Association may, in the discretion of the Board, build up and maintain reasonable reserves for contingencies and replacements, including reserves for replacements of any common roof (Section 5.5.2)

Parking & vehicles

Each Residential Unit shall have exclusive use of one parking spot immediately in front of the Residential Unit garages as limited common elements; Commercial Unit shall have exclusive use of spaces 1-8 as limited common elements; remaining (Section 10)

Maintenance

Common and shared roof for Residential Units is Common Element maintained by Association; roof for Commercial Unit is Limited Common Element maintained by Commercial Unit Owner (Section 11)

Insurance

The policies may include a deductible in a commercially reasonable amount (Section 17.1)

Use restrictions

Residential Units shall be residential use for Townhomes; Commercial Unit shall only be used as retail and residential apartment and related office space and other uses permitted in zone (Section 9(a))

Voting & meetings

Each Unit Owner has votes corresponding to its Percentage Interest; total votes for all members is 100. Each Trustee has one vote; proxy allowed. (Section 6)

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