78 Meserole Avenue Condominium Inc.

Key facts from 78 Meserole Avenue Condominium Inc.'s documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article 1 and preamble)

Units / lots

3 (designated as Lots 1401, 1402, 1403 on Tax Map) (Cover page property data and Article 3)

Governing law

Article 9-B of the Real Property Law of the State of New York (the Condominium Act) (Article 2, page 1)

Assessments & dues

Board prepares and adopts annual budget, determines Common Charges based on Common Interests (except as otherwise provided) (By-Laws Section 2.4(A)(iv) and Section 6)

Special assessments

Board may levy Special Assessments; defined and governed under By-Laws Section 6.1; in addition, borrowing >$25,000 requires majority of all Unit Owners (By-Laws Section 6.1 and Section 2.4(A)(v)

Collections & liens

Condominium has a statutory lien for unpaid common charges; Board may acquire units through foreclosure, surrender, or purchase; power of attorney granted to Board for such acquisitions (Article 13, Article 14, By-Laws Section )

Reserves & fees

Board shall accumulate reserve funds for capital replacements and other purposes; minimum 10% Reserve for Capital Replacement in each budget during Sponsor Control Period (By-Laws Section 2.4(A)(xii); By-Laws Sec)

Leasing & rentals

Leasing is addressed in Article 7 of By-Laws (not fully provided), but generally permitted subject to terms; no express prohibition in Declaration (By-Laws Article 7 (Selling and Leasing o)

Parking & vehicles

Not regulated in document (N/A)

Home business

Not explicitly addressed; general restriction to residential use would likely prohibit commercial activities (Article 9; also see likely Rules and Reg)

Use restrictions

Each Unit may be used only for residential purposes, and not more than one family may occupy a Unit at one time (Article 9)

Voting & meetings

Each Unit Owner's vote is in proportion to the Common Interest of the Unit (percentage of common interest). In subdivision, subdivided units jointly exercise the vote of the original unit. (Article 12 last paragraph; also definiti)

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