Bought a condo on a foreclosure auction, Didn't realize that it had a rental clause for owner to be occupied for two years before the unit can be rented, Here is the rental restriction clause that I found on the county site.
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Restriction on leasing: Except as hereinafter provided, no unit shall (i) be leases by the owner thereof (except the sponsor or a lender in possession of such unit following a default in a first mortgage, a foreclosure proceeding or by any deed or other arrangement in lieu of foreclosure) or (ii) shall be utilized for transient or hotel purposes, which transient or hotel purposes shall be defined as (i) rental for any period less that 12 months or (ii) or any occupancy where the occupants of the unit are provided customary hotel services, such as room service for food and beverage, maid service, furnishing laundry and linen, and bellboy service. however a unit may be rented so long as such rental is(i) of the entire unit, (ii) for a period of at least (12) months, except rentals may be for less that (12) months if either rented (1)by an institutional lender in possession of a unit following a default in a first mortgage or a foreclosure proceeding or under any deed or other arrangement in lieu of foreclosure, or (2) to a person who is then under contract to purchase such unit and (iii) by the developer pursuant to lease which (1) are in writing (2) are expressly subject to all provisions of the condominium documents including without limitation, the right of amendment reserved to the developer herein, provided that any failure of the lessee to fully comply with terms and conditions of such condominium documents shall constitute a default under the lease and (3) expressly assign to the association all the rents due under the lease in the event of any delinquency in the payment of common expenses or other charges due and payable to the association for more than (30) days, including authorization for the tenant to pay such rents directly to association to the extent that such common expenses and other charged are due and payable to the association with respect to the unit. Moreover, no lease or occupancy of a unit shall be permitted unless a true copy of the lease is furnished in advance to the association together with the current address and phone number of both the owner and the lessee. In addition, the owner of the unit shall not have the right to utilize the common elements during any period that said unit is rented. No unit owner may lease less than an entire unit.
In the event a tenant of a unit fails to comply with the provisions of this master deed, the bylaws or ruled and regulations then, in addition to all other remedies which it may have, the association shall notify the unit owner of such violation(s) and demand that the same be remedied through the unit owners effort within thirty days after such notice. if such violation(s) is/are not remedied within and thirty (30) day period, then the unit owner shall immediately thereafter, at the unit owners own cost and expense, institute and diligently prosecute an eviction action against the tenant on account of such violation(s), Such actions shall not be compromised or settled without the prior write consent of the association. In the event the unit owner fails to fulfill the foregoing obligation, then the board shall have the right, but not the duty, to institute and prosecute such action as attorney-in-fact for the unit owner and at the unit owners sole cost and expense, including all legal fees incurred. Said cost and expense shall be deemed to constitute a common expense lien on the particular unit involved, and collection thereof may be enforced by the board in the same manner as the board is entitled to enforce collection of common expenses. By acceptance of a deed to any unit, each and every owner does thereby automatically and irrevocably name, constitute, appoint and confirm the board as his atto
Daaku B, NJ on Sunday, October 8, 2017