14 First Street Condominium

Key facts from 14 First Street Condominium's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Every page (e.g., DECLARATION of 14 FIRS)

Legal name

14 First Street Condominium

Governing law

Article 9-B of the Real Property Law of the State of New York (Preamble: "Pursuant to Article 9-B of th)

Assessments & dues

Condominium Board determines Common Charges and Special Assessments pro-rata based on Common Interests (By-Laws Section 2.4(A)(v); Declaration D)

Special assessments

Allowed; defined as charges allocated by Condominium Board pro-rata in accordance with Common Interests (Declaration Definitions (33); By-Laws Se)

Collections & liens

Condominium Board may perfect a lien against a Unit Owner's unit for unpaid common charges; such owner loses voting rights if lien is not released (By-Laws Section 4.8(B))

Reserves & fees

Board may establish reserves but assessments for reserves exceeding 5% of estimated annual Common Expenses require 75% Unit Owner approval (By-Laws Section 2.5(B)(ii), (iii))

Leasing & rentals

Not expressly prohibited; Condominium Board may acquire and lease units on behalf of all Unit Owners (By-Laws Section 2.4(A)(xv), (xvi))

Architectural approval

Prior written consent of Condominium Board required for alterations, additions, improvements in or to a unit; consent not unreasonably withheld (By-Laws Section 5.2(A))

Maintenance

Unit Owners responsible for interior of unit, windows, doors, etc.; Condominium Board responsible for common elements; damage from negligence borne by responsible party (By-Laws Section 5.1(A), (B))

Insurance

Fire insurance with extended coverage, vandalism, malicious mischief; comprehensive general liability insurance; rent insurance; workmen's compensation; boiler and machinery insurance; other insurance as Board determines (By-Laws Section 5.4(A), (B))

Use restrictions

Units shall be used only for single family residential purposes; no more than one family may occupy a Unit (Declaration Section 9)

Voting & meetings

One vote per unit owned; cumulative voting allowed; vote of units owned by Condominium Board excluded; owners in arrears may lose vote if lien perfected (By-Laws Section 4.8 (A), (B), (D))

Amendments

Declaration may be amended by vote of at least 66 2/3% in number of all unit owners (or written approval by same); no amendment adversely affecting mortgagee's lien without written consent; no change to Common Interests without affected own (Declaration Section 19)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.