1 Lane Street Condominium

Key facts from 1 Lane Street Condominium's documents

Community type

Condominium

Legal name

1 LANE STREET CONDOMINIUM

Units / lots

6 (Units 101, 102, 201, 202, 301, 302) (Exhibit B and Town of Ramapo letter list)

Developer / declarant

3 LANE LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration Article 1: 'submits the prop)

Assessments & dues

Board determines annual budget and levies monthly common charges as a single sum against all Units, prorated according to each Unit's common interest, payable monthly in advance (Bylaws Article VI, Section 2; Article II)

Special assessments

Board may vote special assessments in the same manner as regular assessments, pro-rata by common interest (Bylaws Article III, Section 5(a); Articl)

Collections & liens

Unpaid common charges and interest constitute a lien on the Unit prior to all other liens except tax liens and sums unpaid on a first mortgage; Board may foreclose after 90 days; foreclosure purchaser not liable for pre-acquisition charges; (Declaration 'Common Charges'; Bylaws Art)

Reserves & fees

Annual budget includes reserves for maintenance, repair, replacement, insurance, repairs, betterments and common-element maintenance (Bylaws Article VI, Section 2: 'operation)

Pets

Pets are permitted but owners, family, employees, guests and their pets shall not use the premises in an illegal, disturbing, nuisance or reputation-injurious manner (Bylaws Article VII, Section 3)

Leasing & rentals

Leasing is permitted, but no Unit may be leased until unpaid common charges are paid; Board right of first refusal applies to resale; minimum lease term, sublease and rental cap are not specified (Bylaws Article XI, Section 1)

Architectural approval

Board written consent is required for exterior alterations, structures on common elements, and interior alterations that impair structural soundness (Declaration Article 17(b); Bylaws Articl)

Maintenance

Roofs are part of the Common Elements and are maintained by the Board (Declaration Article 5: 'outside walls an)

Insurance

Board must obtain fire and extended coverage insurance on the Building including all Units for full replacement value as originally constructed, covering Condominium, Board, Unit Owners and mortgagees (Bylaws Article VI, Section 3 / Insurance)

Use restrictions

Occupancy of Units is restricted to Residential Occupancy in accordance with applicable zoning regulations (Declaration Article 17(i))

Voting & meetings

Each Unit Owner has one vote for each Unit owned at Unit Owners' meetings; Board of Managers does not vote in Board member elections (Bylaws Article II, Section 2)

Amendments

Declaration amendments require 75% of Unit Owners in number and recording; material adverse amendments require approval by mortgagees representing at least 51% of unit votes; withdrawal from condominium ownership requires 80% of Unit Owners (Declaration Article 10; Bylaws Article X)

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