New Jersey § 46:8d-3

§ 46:8d-3.

As used in this act: a. “ Association ” means the entity responsible for the administration of a cooperative which entity

may be incorporated or unincorporated, profit or nonprofit. b. “ Bylaws ” means the governing regulations adopted under this act for the administration and

management of the property. c. “ Common elements ” means: (i) The land described in the master declaration or other documents creating the cooperative; (ii) As to any improvement, the foundations, structural and bearing parts, supports,

main walls, roofs, basements, halls, corridors, lobbies, stairways, elevators, entrances,

exits and other means of access, excluding any specifically reserved or limited to

a particular unit or group of units; (iii) Yards, gardens, walkways, parking areas and driveways, excluding any specifically

reserved or limited to a particular unit or group of units; (iv) Portions of the land or any improvement or appurtenance reserved exclusively

for the management, operation or maintenance of the common elements; (v) Installations of all central services and utilities; (vi) All apparatus and installations existing or intended for common use; (vii) All other elements of any improvement necessary or convenient to the existence,

management, operation, maintenance and safety of the cooperative property or normally

in common use; and (viii) Such other elements and facilities as are designated in the master declarations

as common elements. d. “ Common expenses ” means expenses for which the unit lessees are proportionately liable, including

but not limited to: (i) All expenses of administration, maintenance, repair and replacement of the common

elements; (ii) Expenses agreed upon as common by all lessees or coowners; and (iii) Expenses declared common by provisions of this act or by the master declaration

or by the bylaws. e. “ Common receipts ” means: (i) Rent and other charges derived from leasing or licensing the use of common elements,

or other areas of the building not leased or dedicated to exclusive use or possession

by a specific lessee or coowner; (ii) Funds collected from lessees or coowners as common expenses or otherwise; (iii) Receipts designated as common by the provisions of this act or by the master

deed or the bylaws. f. “ Cooperative ” means any system of land ownership and possession in which the fee title to the

land and structure is owned by a corporation or other legal entity in which the shareholders

or other coowners each also have a long term proprietary lease or other long term

arrangement of exclusive possession for a specific unit of occupancy space located

within the same structure. g. “ Limited common elements ” means those common elements which are for the use of one or more specified units

to the exclusion of other units. h. “Master declaration” means the master declaration as amended and recorded under

the terms of this act by which the owner in fee simple or lessee of the property submits

it to a cooperative plan of ownership. i. “ Owner ” means a person listed in the master register as a holder of shares in the cooperative

entity. j. “ Person ” means an individual, firm, corporation, partnership, association, trust or other

legal entity, or any combination thereof. k. “ Proprietary lease ” means a grant of a long term exclusive right of possession and occupancy of a designated

unit to a coowner or a grant of a leasehold of the cooperative structure. l. “ Unit ” means a part of the cooperative structure designed or intended for occupancy and

includes the proportionate undivided interest in the common elements and in any limited

common elements as assigned in the provisions of the master declaration or any amendment

thereof.