Metropolitan a Condominium

Key facts from Metropolitan a Condominium's documents

Community type

Condominium (Title and Section 1.15)

Units / lots

3 (one Residential Unit, one Retail Unit, one Parking Unit) (Section 2.1)

Governing law

N.J.S.A. 46:8B-1 et seq. (WHEREAS and Section 1.16)

Special assessments

Board may levy special assessments for construction, repair, or capital improvements by Board vote (Section 6.10)

Collections & liens

Unpaid assessments are a continuing lien on the Unit; may be foreclosed like a mortgage (Section 6.2)

Reserves & fees

Board may maintain reserve funds for periodic maintenance, repair, and replacement of Common Elements (Section 6.10)

Leasing & rentals

Leases permitted; definition includes sublease; Residential Tenant defined (Section 1.21 and 1.41)

Voting & meetings

Residential Unit Owner: 3 votes; Parking Unit Owner: 1 vote; Retail Unit Owner: 1 vote; Sponsor casts all votes for Units it owns (Section 5.6)

Amendments

Master Deed may be amended per Section 15.1 (details not fully provided in excerpt) (Section 15.1)

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