Vermont Avenue Condominium

Key facts from Vermont Avenue Condominium's documents

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

Community type

Condominium (Article I, Submission)

Legal name

THE VERMONT AVENUE CONDOMINIUM

Units / lots

Initially 4 units; maximum 10 units (Article I: "a total of four (4) Units" a)

Developer / declarant

Vermont Holdings, Inc.

Governing law

Rhode Island Condominium Act, R.I.G.L. § 34-36.1 et. seq. (Article I)

Assessments & dues

Executive Board prepares annual budget, determines assessments, allocates among Unit Owners based on Percentage Interest (Article VII (7.9), Article IV (4.1))

Special assessments

May be levied by Executive Board for Common Expenses or Limited Expenses in addition to Monthly Assessment (Article II (2.2.19), Article VII (7.12))

Collections & liens

Association has lien on unit for unpaid Assessments, Special Assessments, or fines; becomes effective when due; may be foreclosed in accordance with the Act (Article VII (7.10, 7.15))

Reserves & fees

Association may establish reserve fund for maintenance, repair, replacement of Common Elements; funded by monthly payments as part of Common Expenses (Article VII (7.11))

Leasing & rentals

Yes, with conditions: written lease, subject to Condominium Documents, minimum 6 months, right of termination by Association if lessee violates, lease must include that costs incurred by Association for termination are a Limited Expense ass (Article III (3.4.3))

Parking & vehicles

Limited Common Parking spaces designated for each unit on Plats and Plans; one handicapped parking space as Common Element (Article V (5.2.a, 5.1.b))

Signs & flags

Declarant has right to erect signs and promotional material on Property (not on other owners' units); no restriction on owners mentioned, likely governed by Rules and Regulations (Article IX (9.1.3))

Use restrictions

Units limited to commercial purposes as allowed by zoning; no residential use permitted (Article III (3.4.1): "no event shall be )

Voting & meetings

One vote per unit; written notification required for multiple owners to designate voting owner (Article IV (4.3) and Article VII (7.1))

Amendments

Declaration may be amended by vote of Unit Owners holding 75% of votes; amendments must be recorded; certain changes (increase number of units, change boundaries, allocated interests, uses) require unanimous consent of Unit Owners; Executiv (Article X (10.1, 10.3, 10.6))

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