629 Grand Condo LLC

Key facts from 629 Grand Condo LLC's documents

Reflects the 2015 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Declaration title and Article 2)

Units / lots

8 (7 residential, 1 commercial) (Article 4 (five stories, seven residenti)

Governing law

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

Assessments & dues

Condominium Board prepares annual budget of Common Expenses and levies Common Charges pro rata according to Common Interest percentages (By-laws Section 2.4(A)(iv) and (v); Sect)

Special assessments

Allowed; levied by Board pro rata on Common Interests; requires approval per borrowing limits if exceeding $25,000 (unanimous Board and all Unit Owners) (By-laws Section 2.4(A)(v) (Special Asses)

Collections & liens

Condominium Board may file a lien and foreclose for unpaid Common Charges or Special Assessments (By-laws Section 6.4)

Reserves & fees

Board may establish a reserve fund for replacements and contingencies; during Sponsor Veto Control Period, any reserve exceeding 5% of projected annual expenses requires Sponsor consent (By-laws Section 6.6 and Section 2.7)

Pets

Yes, dogs, cats or other household pets permitted, but not for commercial purposes and not more than 2 per Unit (By-laws Section 5.7)

Leasing & rentals

Yes, Unit Owner may lease Unit (By-laws Section 7.1)

Architectural approval

Yes, prior written consent of Condominium Board required for any alteration, addition, or improvement to a Unit (By-laws Section 5.2)

Home business

Not explicitly prohibited, but use limited to private dwelling for single family suggests no business (By-laws Section 5.7)

Maintenance

Roof is part of Common Elements, so Board responsible (Article 7(A)(ii) of Declaration (roofs i)

Insurance

Board shall obtain blanket policies of insurance covering the Property and Common Elements, including fire, extended coverage, and liability (By-laws Section 5.4)

Use restrictions

Residential units may be used as private dwelling for single family; Commercial Unit for commercial purpose (By-laws Section 5.7 (no Unit may be used)

Voting & meetings

Each Unit Owner entitled to one vote per Unit owned; voting based on unit, not common interest. Sponsor has special voting control and veto rights during control periods. (By-laws Section 4.8 (one vote per unit);)

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