546 Lafayette Ave Condominium HOA Inc

Key facts from 546 Lafayette Ave Condominium HOA Inc's documents

Reflects the 2017 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Article 9-B of Real Property Law of NY)

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Article 2, Declaration)

Assessments & dues

Common Charges determined by Condominium Board pro rata according to Common Interest percentages; budget prepared annually (By-Laws Section 6.1 and Declaration Arti)

Special assessments

Allowed; must be approved by Board and allocated pro rata according to Common Interest (By-Laws Section 6.1(C))

Collections & liens

Condominium Board may file a lien on a unit for unpaid common charges and may foreclose (By-Laws Section 6.4(c) and (d))

Reserves & fees

Required minimum 10% reserve for capital replacement in each budget; also general operating reserve allowed (By-Laws Section 2.7 (veto control sectio)

Leasing & rentals

Permitted; By-Laws Article 7 governs selling and leasing of units (By-Laws Table of Contents Article 7; Sec)

Architectural approval

Alterations to interior of unit require that no physical modification be made to other units, and structural integrity must be preserved; no specific ARC but Board may impose conditions (Declaration Article 12)

Home business

Not explicitly prohibited but residential-only restrictions likely preclude commercial business (Article 9: use permitted by local law an)

Maintenance

Roofs are part of Common Elements unless expressly included in a unit; thus maintained by Board (Declaration Article 7(A)(ii): roofs to e)

Insurance

Not explicitly stated in provided excerpts; likely required by By-Laws Section 5.4 or mortgage requirements (Not directly provided)

Use restrictions

Yes; each unit may be used in accordance with local law and Certificate of Occupancy; not more than one family per unit (Declaration Article 9)

Voting & meetings

Vote in proportion to Common Interest percentage (Unit1=43.56%, Unit2=30.02%, Unit3=26.42%); each unit has one vote per percentage share (Exhibit B (percentages) and By-Laws Sect)

Amendments

Declaration requires 66 2/3% vote of Unit Owners; By-Laws may be amended by 66 2/3% vote as well (Article 12 of By-Laws); amendments recorded (Declaration Article 18; By-Laws Article )

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