New Jersey § 46:8b-14

§ 46:8b-14.

The association, acting through its officers or governing board, shall be responsible

for the performance of the following duties, the costs of which shall be common expenses: (a) The maintenance, repair, replacement, cleaning and sanitation of the common elements. (b) The assessment and collection of funds for common expenses and the payment thereof. (c) The adoption, distribution, amendment and enforcement of rules governing the use

and operation of the condominium and the condominium property and the use of the common

elements , including but not limited to the imposition of reasonable fines, assessments and

late fees upon unit owners, if authorized by the master deed or bylaws, subject to the right of a majority of unit owners to change any such rules. (d) The maintenance of insurance against loss by fire or other casualties normally

covered under broad-form fire and extended coverage insurance policies as written

in this State, covering all common elements and all structural portions of the condominium

property and the application of the proceeds of any such insurance to restoration

of such common elements and structural portions if such restoration shall otherwise

be required under the provisions of this act or the master deed or bylaws. (e) The maintenance of insurance against liability for personal injury and death for

accidents occurring within the common elements whether limited or general and the

defense of any actions brought by reason of injury or death to person, or damage to

property occurring within such common elements and not arising by reason of any act

or negligence of any individual unit owner. (f) The master deed or bylaws may require the association to protect blanket mortgages,

or unit owners and their mortgagees, as their respective interest may appear, under

the policies of insurance provided under clauses (d) and (e) of this section, or against

such risks with respect to any or all units, and may permit the assessment and collection

from a unit owner of specific charges for insurance coverage applicable to his unit. (g) The maintenance of accounting records, in accordance with generally accepted accounting

principles, open to inspection at reasonable times by unit owners. Such records shall include: (i) A record of all receipts and expenditures. (ii) An account for each unit setting forth any shares of common expenses or other

charges due, the due dates thereof, the present balance due, and any interest in common

surplus. (h) Nothing herein shall preclude any unit owner or other person having an insurable

interest from obtaining insurance at his own expense and for his own benefit against

any risk whether or not covered by insurance maintained by the association. (i) Such other duties as may be set forth in the master deed or bylaws. (j) An association shall exercise its powers and discharge its functions in a manner

that protects and furthers or is not inconsistent with the health, safety and general welfare of the residents of the community. (k) An association shall provide a fair and efficient procedure for the resolution

of housing-related disputes between individual unit owners and the association, and

between unit owners, which shall be readily available as an alternative to litigation. A person other than an officer of the association, a member of the governing board

or a unit owner involved in the dispute shall be made available to resolve the dispute. A unit owner may notify the Commissioner of Community Affairs if an association

does not comply with this subsection. The commissioner shall have the power to order the association to provide a fair

and efficient procedure for the resolution of disputes.