2022 CAI-NJ September LAC Issue

STRUCTURAL INTEGRITY... from page 28.

4. Another critical regulation included within the bill is found in Section 9, which states that “[n]ot withstanding the terms of a declaration, master deed, bylaws, or other governing document of an association, the exec utive board may, without the consent of the owners… adopt an assessment payable by the owners over one or more fiscal years or obtain a loan on such terms as the board determines are reasonable, whenever neces sary to fund the cost of corrective maintenance of the primary load bearing system…” 5. The bill also provides that proper budgeting for building life cycle costs is not just based on a reserve study but must also include ongoing maintenance and periodic inspections. The requirements set forth in the bill to meet this requirement are as follows: a. The developer’s responsibility is outlined in Section 10, which requires that “[t]he developer shall pre pare a document which sets forth the preventative maintenance tasks to be undertaken by the associa tion over the life of the common area components. This preventive maintenance document shall provide

is described in Section 4 of the bill with the following additional requirements: a. The initial inspection should take place the earlier of: i. 15 years after issuance of the certificate of occu pancy ii. Within two years of passage of this bill b. Ongoing periodic inspections should take place no later than: i. As dictated within the initial inspection ii. A maximum of every 10 years after issuance of the certificate of occupancy for the first 20 years iii. A maximum of every 5 years after the preceding inspection for buildings more than 20 years old. c. A report should be provided as a result of each inspection, which includes: i. The condition of the structure ii. Progressive deterioration (not for initial inspection) iii. Any required maintenance or repairs needed iv. When the next inspection should be performed

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PeopleFist, through Acrsure National Network, is a leading insurance broker and consultant that provides employee benefits, property & casualty, retirement and individual private client solutions through our licensed subsidiaries and affiliates. Our expertise is matched only by our personal commitment to each client’s goals. PeopleFist, through Acrsure National Network, is a leading insurance broker and consultant that provides employee benefits, property & casualty, retirement and individual private client solutions through our licensed subsidiaries and affiliates. Our expertise is matched only by our personal commitment to each client’s goals.

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