Mortgage Information Most Frequently Asked Questions (updated May 2006)
1. The project is a condominium.
2. Number of units – 98
3. Number of owner-occupied units (as of May, 2006 )
4. Number of rentals (as of May, 2006)
5. Does any investor own more than one unit?
6. Are all units and facilities complete?
7. Can the Project be expanded beyond its current size?
8. How is title to the units held?
a. Fee Simple
9. Does the developer retain ownership interest in any of the facilities or common areas?
10. Is there a rental service for leasing units?
11. Has voting control of the Board of Directors been turned over from the builder and/or developer?
a. Yes, March 1987
12. The unit assessment/common charges for all units are $170.00 per month.
13. At the start of the current fiscal year, how many owners are delinquent more than thirty (30) days in their unit assessment charges? . Total amount of outstanding delinquent charges is? -This question will need to be answered by the treasurer.
14. Are there any special assessments now approved, or have there been any in the past two years?
15. Is any space within the Project designated only for commercial/non-resident use?
16. Name of Insurance Company – New London Mutual
Name of Agent – Wachusett Insurance, Donald Donegan, Telephone number 508-754-5800
Address of Agent – 306 Main Street, Worcester, MA 01608
17. Indicate the annual cost of the insurance coverage for this project.
18. Indicate the monthly portion of the homeowners association fee for the subject unit that is allocated towards insurance cost.
19. At least 100% of the units have been sold to bonafide purchasers other than the developer who have closed or are legally obligated to close.
20. Does any single entity own more than 10% of the total units in the project?
21. There is not a master homeowner’s association to which unit owners must belong.
22. There is not a recreational lease or similar arrangement under which the Condo/PUD association or unit owners must pay additional fees.
23. Is the Project a conversion?
24. Does the Project have timeshare or other segmented ownership?
25. Is there a management company?
26. Is a public liability insurance in effect for the Owner’s Association with the Association shown as the “named insured”?
a. Yes, primary coverage amounts are $9.000,000.00 per occurrence, $2,000,000 Aggregate
27. Is a fidelity bond (employee dishonesty) policy in effect for the Owners’ Association (for anyone who either handles (or is responsible for) funds that it holds or administers, whether or not that individual receives compensation for services with the Association shown as the “named insured”?
28. Does the fidelity bond cover the maximum funds that will be in the custody of the Owners; Association at any time while the bond is in force?
29. Is flood insurance in force? NO.. Is earthquake insurance in force? NO.. Is terrorism insurance in force? NO
30. Is there a multi-peril (master or blanket type) fire or extended coverage hazard insurance policy in effect for the Owner’s Association with the Association shown as the “named insured”?
a. Yes, Amount of insurance is $9,000,000.00
31. Master multi-peril policy includes: Special Condominium Endorsement, Standard Mortgage Clause or Equivalent, Agreed Amount Endorsement, Inflation Guard Endorsement, Replacement Cost Endorsement, All Risk Endorsement.
32. Is the project subject to a substantial code change in the event of any destruction of the project?
33. Are separate bank accounts maintained for the working account and the reserve account?
34. Does the HOW receive monthly bank statements on these accounts?