15 Laura Place Condominium

Key facts from 15 Laura Place Condominium's documents

Community type

Condominium (Article 1: Submission of Property to Art)

Legal name

15 LAURA PLACE CONDOMINIUM

Developer / declarant

DAVID BRAUN

Governing law

Article 9-B of the Real Property Law of the State of New York (Article 1 of Declaration; By-Laws Art I )

Assessments & dues

Board of Managers shall prepare a budget at least annually, determine total requirements including operating items, and assess against Units prorated according to common interest. (By-Laws Art VI Sec 1 and 2)

Special assessments

Special assessments may be levied in the same manner as regular assessments when budget supplement required. (By-Laws Art VI Sec 2: "special assessmen)

Collections & liens

Unpaid common charges constitute a lien on the Unit before any other liens except tax and first mortgage liens. Board may foreclose after 90 days due, in same manner as mortgage foreclosure. (Declaration Art 12; By-Laws Art IX (Defa)

Reserves & fees

Interest at the highest legal rate allowed by New York may be collected on unpaid common charges from due date to actual payment. (By-Laws Art VI Sec 2: "Interest at the h)

Pets

Pets are allowed, but must not cause disturbances or nuisances. (By-Laws Art VIII Sec 3: "Owners of a Uni)

Leasing & rentals

Leasing is allowed but subject to payment of all unpaid common charges before lease; sale or lease in violation may be voidable at Board's election. (By-Laws Art X Sec 1: "No Unit Owner shal)

Parking & vehicles

Commercial license plate vehicles may not be parked in the Community for a period in excess of 24 hours. (By-Laws Art VIII Sec 7(e))

Architectural approval

Board shall answer within 60 days of receipt of request by certified mail; failure to answer within that time means no objection to proposed alteration. (By-Laws Art VIII Sec 7(b): "The Board of)

Maintenance

Unit Owner responsible for interior maintenance, repairs, replacements: electrical and plumbing inside unit, painting and decorating inside, windows (including glass breakage), doors, heating/air conditioning systems, pipes within unit exce (By-Laws Art III Sec 6; Declaration Art 5)

Insurance

Fire insurance covering common elements and Units in an amount at least $600,000 initially; public liability insurance in single limit of $1,000,000 covering Board members, managing agent, and employees. (By-Laws Art VII: "fire insurance ... at )

Use restrictions

All Units shall be used for residential purposes only. (By-Laws Art VIII Sec 2)

Voting & meetings

Each Unit Owner shall have one vote for each percentage of common interest set forth in Exhibit B. Each Unit has 50% common interest, thus one vote each. (Declaration Art 8; By-Laws Art II Sec 2;)

Amendments

Provisions of Declaration may be modified or amended by instrument executed by Board of Managers upon vote of 80% of Unit Owners in number and common interest, and approval by mortgagees (if material adverse) representing at least 51% of un (Declaration Art 10(b); By-Laws Art IX (A)

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