1972 Ocean Avenue Condominium Corp

Key facts from 1972 Ocean Avenue Condominium Corp's documents

Reflects the 2016 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

1972 Ocean Avenue Condominium Corp

Units / lots

14 (8 residential units and 6 parking units) (Declaration THIRD (a))

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration FIRST)

Assessments & dues

Board determines total budget and assesses common charges pro-rata according to each Unit's common interest percentage. (By-Laws Article VI Section 2)

Special assessments

Board may levy special assessments as needed; collected in same manner as regular assessments. (By-Laws Article VI Section 2)

Reserves & fees

Board may assess common charges to create, add to, or replace a reserve, contingency or surplus fund, but while Sponsor owns 5% or more common interest (max 5 years) requires Sponsor's prior written consent. (By-Laws Article III Section 5(c)(ii))

Leasing & rentals

Units may be sold or leased; By-Laws Article XI Section 1: 'Selling and Leasing Units' implies leasing is permitted. (By-Laws Article XI)

Architectural approval

No alteration to common elements, exterior of unit, or interior that impairs structural soundness without written consent of Board of Managers. (Declaration SEVENTEENTH (b) and (c))

Use restrictions

Each Unit shall be used as a residence only; sponsor may use for sales office, models, promotional purposes. (Declaration EIGHTEENTH)

Voting & meetings

At least 51% of total authorized votes of all Unit Owners present in person or by proxy; if not present, adjourned meeting requires at least 33-1/3%. (By-Laws Article II Section 3)

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