16 Stein Circle Condominium

Key facts from 16 Stein Circle Condominium's documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title: 'DECLARATION OF CONDOMINIUM')

Legal name

16 Stein Circle Condominium

Developer / declarant

REMSEN GARDENS LLC (Preamble)

Governing law

Article 9-B of the Real Property Law of the State of New York (Preamble and Article 26)

Assessments & dues

Board prepares budget and determines Common Charges and Special Assessments (By-Laws Section 2.4(iv), (v), (vii))

Special assessments

Defined; Board may levy (Exhibit C definition (35) and By-Laws Se)

Reserves & fees

Board may establish reserve for replacements; during Sponsor control, no Special Assessment for reserves without Sponsor consent, and reserves limited to 12-month contingency not exceeding 10% of budget except for legal/insurer requirements (By-Laws Section 2.5(A)(ii) and 2.5(C))

Leasing & rentals

Yes; subject to Right of First Refusal (Article 7) (By-Laws Article 7)

Architectural approval

Board approval required for exterior alterations; response within 15 business days, or deemed approved (By-Laws Section 5.2(A)(ii) and (iv))

Insurance

Fire and extended coverage insurance on Building and Common Elements; comprehensive general liability insurance (By-Laws Section 5.4(A) and (B))

Use restrictions

No immoral, improper, offensive, or unlawful use; no nuisance; no increase in insurance rates without consent; compliance with laws (By-Laws Section 5.6(A), (B), (C))

Voting & meetings

Each Unit Owner entitled to cast one vote for each percentage of interest owned; cumulative voting allowed (By-Laws Section 4.8(A) and Section 2.7)

Amendments

By vote of at least 66 2/3% in number and common interest; material amendments require consent of 51% of eligible mortgage holders; certain changes require written consent of affected mortgagee (Declaration Section 19)

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