14 Jeffrey Place Condominium

Key facts from 14 Jeffrey Place Condominium's documents

Reflects the 2009 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

14 JEFFREY PLACE CONDOMINIUM

Developer / declarant

4 JEFFREY LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Declaration, Section 26 and Section 2)

Assessments & dues

Board adopts budget and determines Common Charges based on anticipated Common Expenses; also may levy Special Assessments. (By-Laws, Section 2.4(A)(iv)-(v) and (C) )

Special assessments

Requires approval of Unit Owners representing at least 75% in aggregate Common Interest for major improvements, additions, or new services. (By-Laws, Section 2.5(B)(iii))

Reserves & fees

May be established only with approval of 75% of Unit Owners, except a reserve for contingencies not exceeding 5% of budgeted operating expenses may be established without such approval. (By-Laws, Section 2.5(B)(iv); also Sectio)

Architectural approval

Yes, for alterations, additions, improvements to units or allocated property, and layout changes. Prior written approval of Board of Managers required. (Declaration, Section 10; By-Laws, Sectio)

Maintenance

Common element; therefore maintained by Board. (By-Laws, Section 5.1(A)(ii): maintenance)

Insurance

Board may provide for deductibles. (By-Laws, Section 5.4(C) (last sentence))

Use restrictions

Units may be used for residential purposes; professional office by owner only is permitted. No immoral, improper, offensive, or unlawful use. (By-Laws, Section 5.7(A) and 5.6(A))

Voting & meetings

Each Unit shall have one vote. In addition, votes are based on common interest for certain actions (e.g., amendments require 66 2/3% in number and common interest). (By-Laws, Section 4.8(A); Declaration, Se)

Amendments

Declaration: 66 2/3% in number and common interest of all unit owners; By-Laws: 66 2/3% of all Unit Owners. Mortgagee consent required if adversely affecting mortgage. (Declaration, Section 19; By-Laws, Sectio)

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