§ 45:22A-45a — Executive board, assessment payable by owners, loan, reasonable, funding corrective maintenance, primary load bearing system, planned real estate development.

New Jersey § 45:22A-45a

• Jurisdiction: New Jersey
• Title 45: PROFESSIONS AND OCCUPATIONS

Text

8. a. Notwithstanding the terms of a declaration, master deed, bylaws, or other governing document of an association, the executive board may, without the consent of the owners or approval of a developer selling units in the planned real estate development, adopt an assessment payable by the owners over one or more fiscal years or obtain a loan on such terms as the board determines are reasonable, whenever necessary to fund the cost of corrective maintenance of the primary load bearing system of the planned real estate development pursuant to section 3 of P.L.2023, c.214 (C.52:27D-132.4). Prior to adopting an assessment or obtaining a loan under this section, the executive board shall make a determination that the assessment or loan are necessary to maintain structural integrity of a building and shall obtain a written report from an engineer or architect licensed by the State that states that the failure to undertake corrective maintenance of the primary load bearing system will: (1) constitute an imminent or reasonably foreseeable hazard to health or safety; (2) constitute a violation of section 3 of P.L.2023, c.214 (C.52:27D-132.4), or (3) will result in a material increase in the cost of such corrective maintenance if delayed. b. Nothing in this section shall prevent or interfere with the right of an association to pursue a lawsuit concerning claims for construction defects related to any common element of the planned real estate development. L.2023, c.214, s.8.