The James Place Lofts Condominiums

Key facts from The James Place Lofts Condominiums's documents

Reflects the 2024 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (WHEREAS, establish condominium form of o)

Units / lots

8 residential units (Page 2/87: "eight (8) residential units")

Governing law

New Jersey Condominium Act, N.J.S. 46:8B-1 et seq. (WHEREAS, pursuant to the provisions of t)

Assessments & dues

Board fixes annual Common Expense Assessments; if not fixed, last year's assessment increased by 10% (Article 6(a), (b), (c))

Special assessments

Allowed; if aggregate exceeds $2,500 plus $250 per year after recording, must be approved by 2/3 vote of Unit Owners. Emergencies and legal fees exempt. (Article 6(e): "provided however, that if)

Collections & liens

Assessments, fines, and charges constitute a continuing lien on the Unit; may be foreclosed like a mortgage on real property (Article 6(h): "Liens for unpaid assessme)

Reserves & fees

Replacement reserves are part of Fixed Common Expenses (Article 1(14): "Fixed Common Expenses...)

Leasing & rentals

Yes, subject to Master Deed, By-Laws, and other documents (Article 10(d): "the Unit Owners shall ha)

Architectural approval

Yes, Board approval required for structural additions, alterations, or improvements in or to the Unit or Common Elements (Article 10(c): "No Unit Owner (other tha)

Insurance

Board shall obtain flood insurance (if in flood hazard area) and blanket property insurance on Common Elements at replacement value (exclusive of land, foundations, etc.) (Article 17)

Use restrictions

Units may only be used for residential purposes, or any lawful purpose per Hoboken Municipal Code; Board may approve other uses (Article 10(a): "Units may only be used f)

Voting & meetings

One vote per Unit; only Unit Owners in Good Standing (Article 5(e): "The voting rights of the )

Amendments

By 66% vote of Unit Owners; additional 66% approval of Eligible Mortgage Holders for certain amendments; Grantor may amend for changes in Unsold Units; Grantor's consent required while owning Unsold Units or within 5 years of recording; ame (Article 18(a)-(e))

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