24 Cedar Lane Condominium

Key facts from 24 Cedar Lane Condominium's documents

Reflects the 1999 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

24 Cedar Lane Condominium

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration, first page; By-Laws Art XII)

Assessments & dues

Board of Managers prepares budget at least annually and imposes common charges allocated according to percentage interest in common elements. (By-Laws Art VI Sec 1)

Special assessments

Board may impose a special common charge (assessment) for expenses not set forth in the budget, to be paid as Board determines. (By-Laws Art VI Sec 1)

Collections & liens

Unpaid common expenses constitute a lien on the unit, subordinate to first mortgages. Board may foreclose the lien or bring a money judgment action. In foreclosure, Board may seek appointment of a receiver and purchase the unit at sale. (By-Laws Art VI Sec 5, Sec 7)

Reserves & fees

Board may include in common expenses an amount for a general operating reserve fund for replacement. (By-Laws Art VI Sec 1)

Leasing & rentals

Yes, but subject to a right of first refusal by the Board of Managers. (By-Laws Art VIII Sec 1)

Architectural approval

No structural addition, alteration or improvement affecting common elements or limited common elements without prior written consent of Board of Managers. (By-Laws Art VI Sec 14)

Home business

Home office purposes permitted. Any industry, business, trade (commercial, religious, educational) requires prior written approval of Board of Managers. (Declaration Sec 7; By-Laws Art VI Sec 12)

Signs & flags

No 'For Sale', 'For Rent', or 'For Lease' signs or window displays except by Board of Managers or mortgagee, and sign not to exceed 1 foot by 1 foot. (Rules 9)

Use restrictions

Units for residential and home office purposes only, and for no other purpose without prior written approval of Board of Managers. (Declaration Sec 7; By-Laws Art VI Sec 12)

Voting & meetings

Each unit owner votes in proportion to their percentage of interest in common elements; one vote per .001% of interest, but total votes not to exceed unit's percentage. (By-Laws Art III Sec 8)

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