14 Park Street Condominium

Key facts from 14 Park 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

14 Park Street Condominium

Developer / declarant

D PARK AVE LL

Governing law

Article 9-B of the Real Property Law of the State of New York (Title page, Section 2)

Assessments & dues

Board prepares annual budget including anticipated Common Expenses and income; Board determines Common Charges and Special Assessments (By-Laws Section 2.4(iv), (v))

Special assessments

Board may assess Special Assessments (By-Laws Section 2.4(v))

Collections & liens

Board may perfect a lien against a Unit Owner's Unit for unpaid Common Charges; vote may be suspended if lien not paid (By-Laws Section 4.8(B))

Reserves & fees

Board may establish reserves; during Sponsor control for 5 years, cannot establish reserves other than 12-month contingency reserve not exceeding 10% of budgeted operating expenses unless required by law, notice of violation, or health/safe (By-Laws Section 2.5(A)(ii), (B))

Architectural approval

Prior written consent of Board required for alterations, additions, improvements to any part of property allowed to unit, changes to layout, exterior alterations differing from original design (Declaration Section 10, By-Laws Section )

Insurance

Board may provide for deductible amounts (By-Laws Section 5.4(D))

Use restrictions

Each Unit shall be used in accordance with local law and zoning regulations; not more than one family may occupy a Unit at one time (Declaration Section 9)

Voting & meetings

Each Unit Owner entitled to one (1) vote for each percentage of interest owned; cumulative voting allowed; Sponsor has same voting right as all Unit Owners as long as owns units (By-Laws Section 2.7, 4.8)

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