62 68 Old Nyack Condominium

Key facts from 62 68 Old Nyack Condominium's documents

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

Community type

condominium (Article 9-B of Real Property Law of New )

Legal name

62-68 Old Nyack Condominium

Developer / declarant

68 ONT HOLDINGS LLC (Declarant identification)

Governing law

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

Assessments & dues

Board determines Common Charges and Special Assessments based on budget; pro-rata according to Common Interests (By-Laws Section 2.4(v), 6.1)

Special assessments

Board may levy Special Assessments as defined, pro-rata by Common Interest (By-Laws Section 6.1(C), Exhibit C defini)

Collections & liens

Board may perfect a lien for unpaid common charges; lien rights are implied (Section 4.8(B) prevents voting if lien is perfected) (By-Laws Section 4.8(B))

Reserves & fees

Board may establish reserves; limitations during declarant control period - can create only a 12-month reserve not exceeding 10% of budgeted operating expenses unless required by law/insurance/health & safety (By-Laws Section 2.5(A)(ii) and 2.5(B)(iv)

Leasing & rentals

Leasing is permitted, subject to right of first refusal and other restrictions in Article 7 (By-Laws Article 7)

Fences

Fencing is part of alterations subject to Board approval; no specific standards (Declaration Article 9(a)(ii))

Architectural approval

Board approval required for alterations, additions, or improvements to any part of property allocated to unit, including yard fencing and landscaping features (Declaration Article 9(a)(ii) and By-Laws)

Maintenance

Unit Owner responsible for interior of unit and limited common elements; Condominium Board responsible for common elements (including structural components of building) (Declaration Article 8(c), By-Laws Sectio)

Insurance

Property insurance covering the Building, improvements, fixtures, equipment installed by Sponsor/Unit Owners, but not appliances, furniture, decorations. Minimum full replacement cost. Also general liability insurance $500,000 aggregate. (By-Laws Section 5.4(A) and (C)(i))

Use restrictions

Units are for residential purposes only (definition of Residential Unit) (Exhibit C definition 36)

Voting & meetings

Each Unit Owner casts one vote per percentage of Common Interest owned; cumulative voting allowed; Sponsor retains vote as long as owns unit (By-Laws Section 4.8(A), Section 2.7)

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