FREQUENTLY ASKED QUESTIONS AND ANSWERS SHEET
MEADOWRIGE ASSOCIATION, INC. AS OF MARCH 1, 2024
Q: WHAT ARE MY VOTING RIGHTS IN THE CONDOMINIUM ASSOCIATION?
A: The voting rights are discussed in the Bylaws. Article 2c of the Bylaws states that each owner is entitled to one vote for each apartment owned by them. However, paragraph 2d states that if an apartment is owed by more than one person on the title, the voter for the Unit must be designated in a Voting Certificate signed by all of the record owners of the apartment and filed with the Secretary. If the apartment is owned by a corporation, then the Voting Certificate must be signed by the President or Vice President of the corporation. Votes may be cast in person or by proxy as further detailed in the Bylaws. Please review all voting rights set forth in the Bylaws.
Q: WHAT RESTRICTIONS EXIST IN THE CONDOMINIUM DOCUMENTS ON MY RIGHT TO USE MY UNIT?
A: The restrictions on use of the Unit are found in Section 12 of the Declaration of Condominium and include, but are not limited to, residential, single-family use, no subdivision of any unit, no pets unless approved by the Association, no signs shall be permitted, and no nuisance shall be allowed. For further review please see Section 12 of the Declaration of Condominium
Q: WHAT RESTRICTIONS EXIST IN THE CONDOMINIUM DOCUMENTS ON THE LEASING OF MY UNIT?
A: The leasing of the Unit is restricted to no renting during the first year of ownership, per an amendment to Section 11a. of the Declaration of Condominium. However, any prospective tenancy must be approved by the Association with the screening by background check and interview of the applicant. All adult tenants must submit an application/ screening fee as determined by the Association. The Association has 30 days to provide approval or disapproval. Per Section 11c of the Declaration of Condominium, as amended, any individual other than the Owner who occupies a Unit for more than 30 days is required to apply and be approved. For a full description of the rights, please review Section 11 of the Declaration of Condominium.
Q: HOW MUCH ARE MY ASSESSMENTS TO THE CONDOMINIUM ASSOCIATION FOR MY UNIT TYPE AND WHEN ARE THEY DUE?
A: Assessments are determined by the Budget adopted each year by the Board of Directors. The 2024 budget reflects the quarterly fee due from each owner to be $1,440.00, due the first of January, April, July and October. Please refer to the 2024 adopted budget for more information. Please note, interest at the rate of 10% per annum may be charged if the assessment and any installment is not paid within the first 5 days of the quarter and the Board may elect to accelerate the entire annual installment if any installment is 30 days late. Please review Section 9b of the Declaration of Condominium. Failure to pay assessments when due can result in a lien and ultimate foreclosure of that lien if the sums remain unpaid and the delinquent owner will incur legal fees and costs which must be paid by that delinquent owner. Please see Section 9c of the Declaration of Condominium.
Q: DO I HAVE TO ME A MEMBER IN ANY OTHER ASSOCIATION? IF SO, WHAT IS THE NAME OF THE ASSOCIATION AND WHAT ARE MY VOTING RIGHTS IN THIS ASSOCIATION? ALSO, HOW MUCH ARE MY ASSESSMENTS?
A: No / None
Q: AM I REQUIRED TO PAY RENT OR LAND USE FEES FOR RECREATIONAL OR OTHER COMMONLY USED FACILITIES? IF SO, HOW MUCH AM I OBLIGATED TO PAY ANNUALLY?
A: No / None
Q: IS THE CONDOMINIUM ASSOCIATION OR OTHER MANDATORY MEMBERSHIP ASSOCIATION INVOLVED IN ANY COURT CASES IN WHICH IS MAY FACE LIABILITY IN EXCESS OF $100,000? IF SO, IDENTIFY EACH SUCH CASE.
A: None
NOTE: THE STATEMENTS CONTAINED HEREIN ARE ONLY SUMMARY IN NATURE. A PROSPECTIVE PURCHASER SHOULD REFER TO ALL REFERENCES, EXHIBITS HERETO, THE SALES CONTRACT AND THE CONDOMINUM DOCUMENTS