125 Clinton Lane Condominium

Key facts from 125 Clinton Lane Condominium's documents

Reflects the 2015 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

125 Clinton Lane Condominium

Developer / declarant

Simcha Greenbe

Governing law

Article 9-B of the Real Property Law of the State of New York (Article FIRST; Article 9-B of the Real P)

Assessments & dues

Board determines budget annually, assesses Unit Owners pro rata by common interest percentages; payable monthly (By-laws Article VI Section 2)

Special assessments

Permitted; levied in same manner as regular assessments; for improvements over $5,000 requires majority Unit Owner approval if Sponsor in control; borrowing over $10,000 requires 66-2/3% Unit Owner approval (By-laws Article III Section 4 items 12 a)

Collections & liens

Unpaid common charges constitute a lien on the unit prior to all except taxes and first mortgage; foreclosable like mortgage; Board may recover costs and attorney fees; must take action after 90 days delinquency; foreclosure purchaser not l (Declaration TWELFTH; By-laws Article VI )

Reserves & fees

Operating account established; Board may create other reserves as deemed necessary (By-laws Article VI Section 6, Section 7)

Pets

Implied allowed; shall not disturb others (By-laws Article VIII Section 2: "their p)

Leasing & rentals

Allowed, but subject to right of first refusal by Board and payment of all common charges (By-laws Article XI Section 1)

Parking & vehicles

Commercial license plate vehicles not to be parked for more than 24 hours (By-laws Article VIII Section 8(e))

Architectural approval

Written Board consent needed for exterior alterations, structural interior alterations, and any structures on common elements (Declaration SEVENTEENTH(b); By-laws Arti)

Maintenance

Board of Managers (By-laws Article III Section 5: "All main)

Insurance

Fire insurance with extended coverage, vandalism, malicious mischief on all units and improvements at full replacement value; public liability insurance $1,000,000 single limit initially (By-laws Article VII Section 1)

Use restrictions

Occupancy restricted to residential occupancy per applicable zoning (Declaration SEVENTEENTH(i))

Voting & meetings

Each Unit Owner has one vote per percentage of common interest; each Unit appoints a Manager to vote; Sponsor votes; Board cannot vote for election of managers (Declaration EIGHTH; By-laws Article II S)

Amendments

Declaration: by instrument executed by Board after approval of 66-2/3% of Unit Owners in number held at a meeting, with mortgagee consent for material adverse changes (51% of first mortgage votes). By-laws: by 66-2/3% of Unit Owners in numb (Declaration TENTH; By-laws Article IX; A)

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