10 Nancy Lane Condominium

Key facts from 10 Nancy Lane Condominium's documents

Reflects the 2020 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium, known as 10 NANCY LANE CONDOMINIUM (Article 5 Name of the Condominium; pream)

Legal name

10 Nancy Lane Condominium

Units / lots

2 residential units (Article 4: two (2) residential units; Ex)

Developer / declarant

10 Nancy LLC, 46 Maine Street, Suite 339, Monsey, NY 10952 (Declarant: 10 Nancy LLC ...)

Governing law

Article 9-B of the Real Property Law of the State of New York (the Condominium Act) (Preamble; Exhibit C (10))

Assessments & dues

Board prepares an annual budget of anticipated Common Expenses and projected income, determines the amount of Common Charges and Special Assessments, and establishes means and methods of payment (By-Laws Sections 2.4(A)(iv)-(v); Section)

Special assessments

Special Assessments are charges allocated and assessed pro rata according to Common Interests (except as otherwise provided in the Declaration or By-Laws) (Exhibit C (33); By-Laws Section 6.1(C))

Collections & liens

Each Unit Owner irrevocably appoints the Condominium Board as attorney-in-fact to acquire or lease any Unit that becomes the subject of a foreclosure or other similar sale, on behalf of all Unit Owners (Declaration Article 14(a)(x))

Reserves & fees

Common Expenses include establishment and maintenance of a general operating reserve or reserve fund for working capital and replacement of Common Elements (Exhibit C (7))

Leasing & rentals

A Unit may be leased, and the lessee must be the individual lessee, or an officer, director, stockholder, partner, member or employee of a corporate/entity lessee, or a family member of such person; nothing prohibits exclusive occupancy by (Declaration Article 9(a))

Architectural approval

Alterations, additions, improvements, repairs or changes to a Unit generally require prior written approval of the Condominium Board (By-Laws Section 5.2)

Maintenance

Roofs are Common Elements unless expressly included as part of a Unit, and are maintained by the Condominium Board as a Common Expense (Declaration Article 7(A)(ii); By-Laws Se)

Insurance

Policies may contain deductible amounts as determined by the Board, and the Board must review limits and deductibles at least annually (By-Laws Section 5.4)

Use restrictions

Each Unit shall be used only in accordance with the use permitted by local law and zoning regulations and for residential occupancy (Declaration Article 9(a))

Voting & meetings

Each Unit Owner is entitled to one (1) vote for each Unit owned (By-Laws Section 4.8(A))

Amendments

Any provision of the Declaration may be amended by a vote of 66 2/3% of the Unit Owners taken in accordance with the By-Laws; no amendment may limit or affect the rights of a mortgagee against the mortgagor; amendment is ineffective until r (Declaration Article 18(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.