14 Ridge Avenue Condominium

Key facts from 14 Ridge Avenue Condominium's documents

Reflects the 2020 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Page 1: 'DECLARATION OF CONDOMINIUM' and)

Legal name

14 RIDGE AVENUE CONDO

Developer / declarant

14 RIDGE LLC (Page 1: 'DECLARANT: 14 RIDGE LLC')

Governing law

Article 9-B of the Real Property Law of the State of New York (Page 1: 'PURSUANT TO ARTICLE 9-B OF THE )

Assessments & dues

Condominium Board determines Common Charges and Special Assessments based on an annual budget (By-Laws 2.4(iv)-(v)). (By-Laws Section 2.4(iv)-(v): 'to prepare)

Special assessments

Board may levy Special Assessments for deficiencies, capital improvements, etc. Approval of Sponsor required during control period for certain amounts. (By-Laws Section 2.4(v): 'Special Assessm)

Collections & liens

Common Charges become a lien on the Unit; Board may foreclose. Also mention of unpaid common charges and default notice to mortgagees (By-Laws 8.3). (By-Laws Section 8.3: 'Notice of Unpaid C)

Reserves & fees

Reserve fund for maintenance, repair, replacement of Common Elements. Sponsor cannot reduce reserve without consent? Actually limitation: no reduction in reserves for maintenance, repair and replacement of Common Elements (Declaration 19(ii (Declaration Section 19(iii): 'reduction )

Leasing & rentals

Leasing allowed but subject to Right of First Refusal (By-Laws Article 7) and no transient occupants. (By-Laws Section 5.7(B): 'no transient oc)

Parking & vehicles

Two parking spots per Unit, located adjacent to each Unit, as Limited Common Elements. (Declaration Section 8(a): 'two parking s)

Architectural approval

Board approval required for alterations, additions, or improvements to allocated property of a Unit (Declaration Section 9; By-Laws 5.2). (Declaration Section 9: 'take alterations)

Maintenance

Unit Owner responsible for interior painting, decorating, maintenance, replacement in Unit. Condominium Board responsible for Common Elements. (By-Laws Section 4.11(A)-(B): 'All painti)

Insurance

Not required, but allowed; must contain waiver of subrogation and not affect Board's insurance. (By-Laws Section 5.4(E): 'Unit Owners sha)

Use restrictions

Each Unit shall be used for residential purposes only. No habitable space in basement as defined by NY Building Code. (By-Laws Section 5.7: 'Each Unit...shall )

Voting & meetings

Each Unit Owner casts one vote per Unit. After Sponsor control, each Unit Owner elects one Board Member. (By-Laws Section 4.9(A): 'Each owner of a)

Amendments

Declaration may be amended by vote of all Unit Owners (cast in person or by proxy at meeting) or written consent. Sponsor may amend without vote to correct errors, omissions, etc. (Declaration 19). No amendment affecting mortgage without mo (Declaration Section 19(a): 'may be amend)

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