2493 Ocean Ave Condominium Inc

Key facts from 2493 Ocean Ave Condominium Inc's documents

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

Community type

Condominium (Declaration title: ESTABLISHING A PLAN O)

Units / lots

11 (6 residential units + 5 parking units) (Declaration THIRD (a): 'Units' shall ref)

Developer / declarant

2493 OCEAN AVENUE, LLC (Declaration page 4)

Governing law

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

Assessments & dues

Board fixes budget annually, prorated according to Common Interest (percentage in Common Elements) (By-Laws Article VI Section 2; Declaratio)

Special assessments

Allowed, levied and paid same as regular assessments (By-Laws Article VI Section 2)

Collections & liens

Unpaid Common Charges constitute a lien on the Unit, prior except for taxes and first mortgage; Board may foreclose and purchase unit at sale (Declaration TWELFTH; By-Laws Article VI )

Reserves & fees

Mentioned in budget for reserves, no specific amount (By-Laws Article VI Section 2: 'reserves')

Parking & vehicles

Prohibited to park boats, trailers, campers, buses, trucks, commercial vehicles in parking areas (By-Laws Article VIII Section 8(f))

Architectural approval

Board written consent required for alterations/additions to Common Elements, exterior of Unit, or structural alterations inside (Declaration SEVENTEENTH(b)(c))

Signs & flags

Sponsor may erect and maintain signs; otherwise not specified (Declaration EIGHTEENTH)

Maintenance

Board (Common Element) (By-Laws Article III Section 6)

Insurance

Fire insurance with extended coverage, full replacement value of Building including fixtures; public liability insurance initially $1,000,000 single limit (By-Laws Article VII Section 1)

Use restrictions

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

Voting & meetings

Each Unit Owner has one vote per Unit owned (Declaration EIGHTH: 'Each Unit Owner sha)

Amendments

Declaration may be amended by Board upon vote of 80% of Unit Owners; certain amendments require consent of all affected Unit Owners and mortgagees (Declaration TENTH)

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