1 Collins Ave Condominium

Key facts from 1 Collins 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

1 COLLINS AVE CONDOMINIUM

Developer / declarant

1 Collins Ave LLC (Page 3: "1 Collins Ave LLC, with an addr)

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Page 3: "to the provisions of Article 9-)

Assessments & dues

Board determines amount of Common Charges and Special Assessments based on annual budget. Budget includes anticipated Common Expenses and sources of income. (By-Laws Section 2.4: Page 24: "to determ)

Special assessments

Allowed. Board may levy Special Assessments for deficiencies, capital expenditures, etc. For capital expenditures exceeding $5,000 in a fiscal year, Board must obtain consent of all Unit Owners and Mortgage Representatives. (By-Laws Section 5.3 (alterations to comm)

Collections & liens

Board may file and enforce liens for unpaid Common Charges and Special Assessments. Voting rights suspended when lien perfected and amount unpaid. Board may also bring legal proceedings to enforce terms. (By-Laws Section 2.4 (viii): Page 25: "to)

Reserves & fees

Reserve fund exists. Board may create or add to reserve for capital expenditures not exceeding capital budget. However, amendment reducing reserves requires consent of eligible mortgage holders. (By-Laws Section 2.4 (xiii): Page 25: "su)

Leasing & rentals

Yes, subject to the Right of First Refusal (Article 7 of By-Laws) and restrictions: no transient occupants, no sublease of portion of Unit, no sale/conveyance of portion. (By-Laws Article 7: Right of First Refusa)

Architectural approval

Yes, for alterations, additions, improvements, or changes to the layout of a Unit, Board approval required. Also for any alterations to Limited Common Elements or Common Elements (beyond interior). (Declaration Section 9 and By-Laws Sectio)

Home business

A Unit may be partially used as a professional office by the owner of such unit only. (By-Laws Section 5.7(A): Page 42: "Any Un)

Maintenance

Not explicitly stated, but Common Elements include roof (by definition) so Board responsible. (Implicit: Common Elements definition (Ex)

Use restrictions

Units shall be used in accordance with use permitted by local law and zoning regulations and Certificate of Occupancy. Not more than one family may occupy a Unit. (Declaration Section 9: Page 6: "the use )

Voting & meetings

Each unit owner votes based on common interest percentage. Each percentage of interest owned yields one vote. In Board elections, cumulative voting allowed: all votes for one director or distributed. Sponsor or designee votes as long as the (By-Laws Section 4.8 and 4.9: Pages 35-36)

Amendments

Requires vote of at least 67% in number and percentage of Common Interest of all Unit Owners at a meeting or by written consent. Certain material amendments require additional consent of eligible mortgage holders (at least 51% of votes of u (Declaration Section 18: Pages 9-10: "ame)

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