Vail Commons Condominium

Key facts from Vail Commons Condominium's documents

Reflects the 2007 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Vail Commons Condominium Association, Inc.

Units / lots

Up to forty-nine (49) Residential Units and one (1) Commercial Unit (total up to 50 units) (Recitals and Article II, Page 2 and Page)

Developer / declarant

Prospect Street, L.L.C.

Governing law

New Jersey Condominium Act, N.J.S.A. 46:8B-1 et seq. (Recitals, Page 2)

Assessments & dues

The Board of Directors fixes Annual Common Expense Assessments in an amount at least sufficient to maintain the exterior of the Building and to maintain and operate the Common Elements. The amount and manner of expenditure is at the sole di (Sections 6.03 and 6.04, Pages 23-24)

Special assessments

Special Common Expense Assessments may be levied for reconstruction, repair or replacement of existing Common Elements if reserves inadequate, or for any other lawful purpose except new capital improvements. If such assessments exceed in th (Sections 6.09, 6.10, 6.11, Pages 26-27)

Collections & liens

Unpaid Common Expense Assessments, fines and other charges constitute a continuing lien upon the Unit. The lien may be foreclosed by suit in the same manner as a mortgage foreclosure. Suit to recover a money judgment may be maintained witho (Section 6.02, Page 23)

Reserves & fees

Common Expenses include reserves. The Board may hold funds in reserve for reconstruction, repair or replacement. (Sections 1.09 and 6.10, Pages 6 and 27)

Pets

Yes, dogs, cats and other household pets are permitted in each Residential Unit. (Section 10.01(n), Page 45)

Leasing & rentals

Leasing is implied: the term "Lease" is defined and the Association has power of attorney to lease Units on behalf of owners who desire to lease. (Sections 1.25, 9.04, Pages 8 and 41)

Architectural approval

Prior written approval of the Board of Directors is required for removal or replacement of interior non-bearing walls (Section 3.03) and for building, planting or maintaining anything on Common Elements (Section 10.01(l)). (Sections 3.03 and 10.01(l), Pages 15 and)

Home business

Only businesses, trades or professions permitted by the Zoning Ordinance of the Town of Morristown may be conducted in any Unit. (Section 10.01(h), Page 43)

Maintenance

Association is responsible for maintenance, repair and replacement of the roof as part of General Common Elements. (Section 7.02 (includes roof), Page 32)

Insurance

The Association shall pay insurance premiums on the Common Elements (not further specified). (Section 6.05 (insurance premiums), Page )

Voting & meetings

Each Member in Good Standing casts one (1) unweighted vote per Residential Unit owned for directors and questions submitted to membership. Commercial Unit Owner has no vote but consent required for matters materially affecting the Commercia (Sections 5.05 and 9.03, Pages 21 and 41)

Amenities

Common recreational amenities include a rooftop terrace and an exercise room for the use of Residential Unit Owners. (Section 4.01(n), Page 17)

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