Chris Corner Condominium Association Inc

Key facts from Chris Corner Condominium Association Inc's documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Document title and throughout)

Legal name

Chris’ Corner Condominium Association, Inc. (Page 6 (WHEREAS) and Article II definiti)

Units / lots

12 residential units and 2 parking units (Article III (page 11) and WHEREAS)

Governing law

N.J.S. 46:8B-1 et seq. (New Jersey Condominium Act) (Page 6 (Establishment of Condominium) an)

Assessments & dues

Board fixes Common Expense Assessments annually, at least sufficient to maintain building exterior and operate Common Elements. (Article VII Section 3 (page 18))

Special assessments

Allowed for unexpected repair, replacement, or lawful purpose not constituting emergency. If exceeds 10% of last annual budget, requires 2/3 vote of eligible Members. (Article VII Section 10 (page 20))

Collections & liens

Each Common Expense Assessment is a continuing lien on the unit; may be foreclosed like a mortgage. (Article VII Section 2 (page 18))

Reserves & fees

Replacement reserve contributions mentioned; Sponsor pays reserves for unsold units with certificate of occupancy. (Article VII Section 6 (page 19))

Parking & vehicles

2 parking units for sale; 11 mechanical parking spaces assigned first come first serve; 1 handicap space. Parking garage maintenance by Association except for damage due to owner negligence. (Article III (page 11), Article V Section)

Voting & meetings

Each residential Unit Owner gets one unweighted vote for trustee elections; Parking Unit Owners not entitled to vote for trustees. For other questions, each Member (including parking) gets one vote per unit weighted by percentage interest. (Article VI Section 5 (page 16-17))

Amendments

Sponsor has power of attorney to execute amendments required by institutional lenders or government for 5 years/first conveyance. Limitations: amendments cannot adversely affect unit value, change floor plan, change percentage interest, sub (Article X Sections 2, 3 (pages 27-28))

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