631 E 18 Street Condo Corp

Key facts from 631 E 18 Street Condo Corp's documents

Reflects the 2019 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

631 E 18 Street Condo Corp

Units / lots

27 (26 residential + 1 community facility) (Declaration, Article THIRD (a) and Artic)

Governing law

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

Assessments & dues

Determined annually by Board based on budget (By-Laws, Article VI Section 2)

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, junior only to tax liens and first mortgage. Foreclosure allowed. (Declaration, Article TWELFTH)

Reserves & fees

Board may create reserves; sponsor consent required for assessment to create or replace reserve during sponsor control period (By-Laws, Article III Section 5(c)(ii))

Leasing & rentals

Selling and leasing of Units is permitted (By-Laws Article XI, Section 1), subject to use as residence (By-Laws, Table of Contents Article XI Se)

Architectural approval

Written consent of Board required for alterations to Common Elements, exterior, or structural interior changes (Declaration, Article SEVENTEENTH (b) and)

Signs & flags

Sponsor may erect and maintain signs at the Building during its ownership (Declaration, Article EIGHTEENTH)

Insurance

Fire insurance with extended coverage, water damage, vandalism, malicious mischief on Building and all Units, full replacement value; public liability insurance $1,000,000 single limit initially (By-Laws, Article VII Section 1)

Use restrictions

Each Unit shall be used as a residence only, except Sponsor may use for sales and model purposes (Declaration, Article EIGHTEENTH)

Voting & meetings

Each Unit Owner has one vote per Unit owned (Declaration, Article EIGHTH; By-Laws, Ar)

Amendments

80% of Unit Owners in number and common interest, plus first mortgagees of each unit; recorded in Register's Office (Declaration, Article TENTH (a) and (b))

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