Coolidge Place Condominium

Key facts from Coolidge Place Condominium's documents

Reflects the 1982 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Master Deed §2: 'Coolidge Place Condomin)

Legal name

Coolidge Place Condominium

Units / lots

1 (single tax lot) (Master Deed p.2: 'Lot 4, Block 232 on th)

Developer / declarant

COOLIDGE PLACE, INC.

Governing law

New Jersey Condominium Act, Chapter 8B of Title 46 (Master Deed p.1: 'pursuant to Chapter 8B)

Assessments & dues

Board prepares annual budget projecting common expenses and revenues, then assesses common charges against unit owners in proportion to their percentage interest (allocated per Master Deed). (By-laws Art. V §1)

Collections & liens

Association has lien on unit for unpaid assessments, can foreclose like mortgage, bid at sale, acquire and convey unit; may also sue for money judgment without waiving lien. Purchaser at foreclosure not liable for prior assessments. (Master Deed §12; By-laws Art. V §6)

Reserves & fees

Budget includes working capital reserve, general operating reserve, repair and replacement reserve, reserve for deficits, reserve for acquisition/lease of units. (By-laws Art. V §1 (C-G))

Leasing & rentals

Yes, with exception of transient or hotel purposes (less than 7 days). (Master Deed §13: 'With the exception of )

Maintenance

Each owner promptly performs maintenance/repair within unit that would affect others. Association performs all maintenance, repair, replacement of common elements (inside or outside units) as common expense, unless caused by owner's neglige (By-laws Art. V §7 (a)-(c))

Use restrictions

Units shall be occupied and used only as private dwellings for owner, family, tenants, and social guests, and for no other purpose whatsoever. (Master Deed §10.D; By-laws Art. V §8(a))

Voting & meetings

Each unit owner shares proportionately in voting power based on undivided interest in Common Elements (16.67% each except Units A1 and B1 at 16.66%); majority defined as 51% of ownership interest. (Master Deed §8; By-laws Art. III §5 ('sh)

Amendments

Master Deed may be amended by affirmative vote of 75% of voting power, cast in person or by proxy at a meeting, recorded in Atlantic County. (Master Deed §22)

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