The Fairways at Laguna Oaks Condominium Association, Inc.

Key facts from The Fairways at Laguna Oaks Condominium Association, Inc.'s documents

Reflects the 2016 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article I Section 1 of Certificate of In)

Governing law

New Jersey Nonprofit Corporation Act (15A:2-8) and Condominium Act (N.J.S.A. 46:8B-12.1) and Planned Real Estate Development Full Disclosure Act (N.J.S.A. 45:22A-1 et seq.) (Certificate of Incorporation opening par)

Assessments & dues

Set annually by Board; if not set, presumed same as prior year. (By-Laws 7.7)

Special assessments

Board may impose Emergency Assessment for immediate need or emergency not met by reserves. (By-Laws 7.7)

Collections & liens

After 10-day notice of acceleration, if default continues 90 days, Board may foreclose lien. Also may notify holder of Permitted Mortgage. (By-Laws 7.8)

Reserves & fees

Required to maintain reasonable reserves for repairs, replacements, emergencies, bad weather, uncollected accounts. Funds for replacement must be kept in separate interest-bearing accounts. Board must designate portion of Common Expenses fo (By-Laws 7.5(b)-(f), 7.6)

Voting & meetings

One vote per Unit. Co-Owners determine vote; if disagreement, vote split equally. Developer/Builders have one vote per Unit owned. (By-Laws 2.7)

Amendments

51% affirmative vote of all Members in good standing at meeting with quorum, or by mail ballot, except that first annual meeting cannot be advanced, first Board cannot be enlarged/removed, proportionate responsibility for Common Expenses ca (By-Laws 13.01)

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