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The Station Today

The historic station and its twenty-two new satellite dwellings are individually owned and all owners share a 4.166% interest in the common elements of the property. As condominium units each new dwelling consists of only that within the interior walls and flooring. All other parts of the building comprise the common elements. Unit owners have the right to the use and enjoyment of the common elements along with all other unit owners, but have no right to the exclusive use of any part of the common elements. The patios and garages are designated as limited common elements and while they are jointly owned by all owners, the exclusive right to their use and the obligation to maintain, clean and make repairs to them due to negligence or misuse belong to the owner of the particular unit to which they relate. The station building is a separate entity and is not part of the common elements. It pays for its own maintenance and insurance, but contributes to the common grounds expenses.

Each unit pays its own real estate taxes, utilities and interior maintenance as well as a proportionate share of the common expenses. Annual common expense assessments are payable in advance on the first day of each month and there is a $25 late fee after the tenth day of the month. Owners will be notified of this assessment, with directions for payment, thirty days prior to every New Year. The amount of this assessment may be amended at any time during the year and a special assessment may be levied if necessary. Under the provisions of the laws of the state of New Jersey all unpaid assessments will constitute a lien on the offending unit and are subject to legal enforcement. A yearly audit of these matters is obtained.

The association provides for insurance for the common elements of the facility. This insurance is “bare walls” insurance and covers the structure, but not the contents of each unit. Unit owners are advised to arrange for their own insurance to cover replacement for the interiors of their units in the event of loss.

The operation and management of the common elements are the responsibility of The Station at Pennington Condominium Association, Inc, a New Jersey non-profit corporation, which supervises and administers the affairs of the complex. Each unit is a member of the association, which determines the maintenance and services to be provided and the payment for these services. The association is managed by a Board of (5) Directors elected for a two-year term by the unit owners at the annual meeting. Each unit in good standing has one vote per vacant seat. Thus, if there are two vacant seats and there are four applicants, each unit casts two votes. Any member of the association may elect to submit their name for any expired seat on the board. The principal officers are a President, a Vice-President, a Secretary and a Treasurer selected by the Board of Directors. The duties and responsibilities of the Board of Directors are covered in the By-laws to the Master Deed for the Station at Pennington. The board holds regular open meetings ten times per year, alternating between the homes of the Directors, and starting at 7:00 p.m. The board also welcomes written concerns from the members in addition to their attendance.

All unit owners must comply with the terms of the Master Deed, its by-laws and all other subsequent rules and regulations adopted by the association. Restrictions were established for the benefit of everyone and are to be implemented by the Board of Directors. Personal cooperation is strongly urged, however, legal enforcements are the prerogative of the board.