Forty Park a Condominium

Key facts from Forty Park a Condominium's documents

Community type

Condominium (Title page)

Units / lots

74 (73 residential units and 1 retail unit) (Section 1.44, Section 1.45, and Section )

Governing law

N.J.S.A. 46:8B-1 et seq. (Section 1.13)

Assessments & dues

Set by Board of Trustees at least sufficient for maintenance, operations, taxes, insurance (Section 7.3). Specific amounts on Fee Schedule Exhibit I. (Section 7.3, Section 7.6, Exhibit I)

Special assessments

Emergency Common Expense Assessment, Special Common Expense Assessment, Capital Improvement Common Expense Assessment, Remedial Common Expense Assessment (Sections 7.9-7.13). (Sections 7.9, 7.10, 7.11, 7.13)

Collections & liens

Each assessment is a continuing lien on the Unit and may be foreclosed like a mortgage. Personal obligation also. (Section 7.1, Section 7.2)

Reserves & fees

Not specifically stated; Section 7.3 mentions reserves as part of Common Expenses. (Section 7.3)

Leasing & rentals

Not explicitly stated for unit owners; Sponsor has right to rent (Section 7.6). (Section 7.6)

Architectural approval

Board approval required for removal or replacement of interior nonbearing walls (Section 3.2). Also Association may regulate use, cleaning, repair of Limited Common Elements via Rules (Section 4.5). (Sections 3.2, 4.5)

Signs & flags

Exterior signs and awnings are Limited Common Elements (Residential and Retail). Association may regulate via Rules and Regulations (Section 4.5). (Section 4.2.1(h), Section 4.2.2(c))

Maintenance

Roofs are General Common Elements (Section 4.1.6), so Association responsible. (Section 4.1.6)

Insurance

Required insurance coverage per Article XII; details not fully provided in excerpt. (Article XII)

Use restrictions

Residential Units intended for independent ownership and permanent use as a residence (Section 1.44). Retail Unit for retail/commercial (Section 1.45). (Sections 1.44, 1.45)

Voting & meetings

Each Member in Good Standing entitled to one vote per Unit. Sponsor may vote for Units it owns but cannot vote to change permitted use of a Unit or reduce Common Elements. (Section 6.3)

Amendments

Master Deed may be amended per Section 16.2. Certain amendments require consent of 51% or 67% of Eligible Mortgage Holders (Sections 14.3, 14.4). (Sections 16.2, 14.3, 14.4)

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