14 Homestead Lane Condominium

Key facts from 14 Homestead Lane Condominium's documents

Reflects the 2014 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

14 HOMESTEAD LANE CONDOMINIUM II

Developer / declarant

Baruch Aronson

Governing law

Article 9-B of the Real Property Law of the State of New York (Article 1; By-Laws Article I Section 1)

Assessments & dues

Board determines budget, levies common charges payable in advance. Assessments prorated according to percentage of common interest (square footage-based). (By-Laws Article VI Section 1; Declaratio)

Special assessments

Board may vote special assessments of any amount if required to meet additional necessary expenses. (By-Laws Article III Section 5(1); Articl)

Collections & liens

Unpaid common charges constitute a lien on the Unit, prior except for tax/assessment liens and first mortgage. Foreclosure may begin 90 days after notice. (Declaration Article 12; By-Laws Article )

Reserves & fees

Interest at the highest legal rate allowed in New York on unpaid common charges from due date to payment. (By-Laws Article VI Section 1)

Pets

Pets are permitted (mentioned in house rules regarding disturbance). No specific limits on count, breed, or weight. (By-Laws Article VIII Section 3)

Leasing & rentals

Leasing allowed but subject to Board's right of first refusal. Unpaid common charges must be paid before sale or lease. Violation voids transaction at Board's election. (By-Laws Article IX (incorrectly labeled,)

Parking & vehicles

Commercial license plate vehicles may not be parked in the Community for more than 24 hours. (By-Laws Article VIII Section 6(e))

Architectural approval

Written consent of Board required for any alteration affecting soundness of the building, painting exterior surfaces, erecting fences or gates, altering existing walls/fencing. (By-Laws Article VIII Section 6 (a), (c),)

Maintenance

Common elements (exterior walls, roof, public utility lines) maintained by Association at common expense. Units including windows, doors, interior plumbing, electrical, painting: Owner's responsibility. (By-Laws Article III Section 6)

Insurance

Fire insurance covering all Units and improvements, minimum $600,000 until first Board meeting; liability insurance single limit $1,000,000. Adjustments of loss: if net proceeds ≤$40,000 payable to Board, if >$40,000 payable to Insurance Tr (By-Laws Article VII Section 3)

Use restrictions

Occupancy restricted to Residential Occupancy in accordance with applicable zoning regulations. (Declaration Article 17(i); By-Laws Artic)

Voting & meetings

Each Unit appoints a Manager who votes in person or by proxy. Each Unit has one vote based on percentage of common interest per Exhibit B. (By-Laws Article II Section 5; Declaratio)

Amendments

Declaration amendment requires 80% of Unit Owners in number and common interest plus approval of mortgagees holding 51% of first mortgage votes. By-Law amendment requires 2/3 of Unit Owners at a duly called meeting. (Declaration Article 10; By-Laws Article )

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