1 Roosevelt Avenue Condominium

Key facts from 1 Roosevelt Avenue Condominium's documents

Reflects the 2011 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title: "1 ROOSEVELT AVENUE CONDOMINIUM" )

Legal name

1 Roosevelt Avenue Condominium

Developer / declarant

Chaim Gelbman of 1 Roosevelt Avenue Corp., 1 Roosevelt Avenue, Spring Valley, NY 10977 (Declaration preamble, [[PAGE 3]]; Cover )

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration FIRST, [[PAGE 4]]; By-Laws A)

Assessments & dues

Board fixes the budget at least annually, sends a copy to each Unit Owner and mortgagee, and determines the total amount to be assessed as a single sum against all Units prorated according to each Unit's common interest; assessments are pay (By-Laws Art VI Sec 2, [[PAGE 22-23]])

Special assessments

Board may determine and levy monthly assessments and may vote special assessments; special assessments are levied and paid in the same manner as regular assessments (By-Laws Art III Sec 4(1); Art VI Sec 2, )

Collections & liens

Unpaid common charges plus maximum legal interest constitute a lien on the Unit prior to all other liens except tax/assessment liens and sums unpaid on any first mortgage of record; lien may be foreclosed in like manner as a mortgage (Declaration ELEVENTH, [[PAGE 6-7]])

Reserves & fees

Annual budget must include reserves, but no specific amount or funding target is stated (By-Laws Art VI Sec 2 (budget includes "i)

Leasing & rentals

Unit Owners may sell or lease their Units, subject to the Board of Managers' right of first refusal and payment of unpaid common charges; any sale or lease in violation is voidable by the Board (By-Laws Art XI Sec 1, [[PAGE 27]])

Parking & vehicles

Commercial license plate vehicles may not be parked in the Community for a period in excess of 24 hours (By-Laws Art VIII Sec 8(e), [[PAGE 25]])

Fences

No fence or gate may be erected, and no existing wall or fencing may be altered, without the prior written consent of the Board of Managers (By-Laws Art VIII Sec 8(d), [[PAGE 25]])

Architectural approval

No alterations to the exterior of any Unit or the common elements, and no structure built on the common elements, may be made without the prior written consent of the Board of Managers; consent for interior alterations is also required (Declaration SEVENTEENTH(b), [[PAGE 8]])

Signs & flags

No resident may post any advertisement or posters in or on the Community except as authorized by the Board of Managers (By-Laws Art VIII Sec 8(a), [[PAGE 25]])

Maintenance

Roof and roof members are maintained and replaced by the Board as a common expense (By-Laws Art III Sec 5, [[PAGE 18]])

Insurance

Board must obtain and maintain fire insurance with extended coverage, water damage and malicious mischief endorsements, insuring the Building, improvements, bathroom/kitchen/laundry fixtures, Sponsor-installed equipment, heating/hot water e (By-Laws Art VII Sec 1, [[PAGE 23-24]])

Use restrictions

Occupancy of the Units is restricted to Residential Occupancy in accordance with applicable zoning regulations (Declaration SEVENTEENTH(i); By-Laws Art )

Voting & meetings

Each Unit Owner shall have one vote for each percentage of common interest set forth in Exhibit B; the percentage has been based on the approximate proportion that the fair value of each Unit bears to the aggregate fair value of all Units (Declaration EIGHTH, [[PAGE 6]])

Amendments

The Declaration may be modified or amended by an instrument executed by the Board of Managers upon a vote of 66-2/3% of the Unit Owners; material adverse amendments require mortgagees representing at least 51% of first-mortgage votes (Declaration TENTH(b)(i), [[PAGE 6]])

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