48 Ostilla Ave Condominium

Key facts from 48 Ostilla Ave Condominium's documents

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

Community type

Condominium

Legal name

48 Ostilla Ave Condominium

Developer / declarant

JMM NS LLC (Page 2: 'DECLARANT: - JMM NS LLC')

Governing law

Article 9-B of the Real Property Law of the State of New York (Page 1: 'PURSUANT TO ARTICLE 9-B OF THE )

Assessments & dues

Condominium Board adopts budget detailing anticipated Common Expenses and determines Common Charges per Unit based on Common Interest. (By-laws Section 2.4(iv)-(v))

Special assessments

Charges allocated pro-rata according to Common Interests for purposes beyond regular operating expenses. (Definition (33) and By-laws Section 6.1)

Collections & liens

Condominium Board may perfect a lien against a Unit for unpaid Common Charges; voting rights suspended if lien perfected and amount unpaid. (By-laws Section 4.8(A): 'no Unit Owner m)

Reserves & fees

General operating reserve fund may be established; during sponsor control, reserves limited to 5% of estimated Common Expenses (or twelve-month contingency not exceeding 10% of budgeted operating expenses with sponsor consent). (By-laws Section 2.5(A)(ii) and Definitio)

Voting & meetings

Each Unit Owner casts one vote per percentage of Common Interest owned; cumulative voting allowed (By-laws Section 2.7: 'each Unit Owner wi)

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