12 Parker Street Condominium

Key facts from 12 Parker Street Condominium's documents

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

Community type

Condominium

Legal name

12 PARKER STREET CONDO

Developer / declarant

10 PARKER LLC (Page 1)

Governing law

Article 9-B of the Real Property Law of the State of New York (Article 2; page 1)

Assessments & dues

Board determines Common Charges and Special Assessments. (Section 2.4(v); page 26)

Special assessments

Charges allocated by Board pro-rata according to Common Interests; also used to cover deficiency in insurance proceeds. (Exhibit C (32) and Section 5.5(C); pages)

Reserves & fees

Contingency/reserve fund may be established; Sponsor may withhold consent to addition during control period (except as required by law). (Section 2.5(ii) and (v); pages 27-28)

Maintenance

If work is necessitated by condition in unit, owner liable for costs not paid by insurance. (Section 5.1(A) last sentence; page 38)

Insurance

Board determines deductible amounts; review at least once per year. (Section 5.4(C); pages 40-41)

Voting & meetings

Each Unit Owner casts 1 vote per Unit; in Board elections each Unit Owner elects 1 Board Member. Sponsor votes per Unit owned. (Section 4.8(A), Section 4.9(A); pages 36)

Amendments

By vote of all Unit Owners or written approval of all; material amendments require consent of 51% of eligible mortgage holders; no amendment adversely affecting a mortgage without mortgagee consent. (Article 19; pages 9-10)

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