17 Hoyt Street Condominium

Key facts from 17 Hoyt Street Condominium's documents

Reflects the 2016 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Declaration title, Article FIRST)

Legal name

17 Hoyt Street Condominium

Developer / declarant

HYLT DEVELOPMENT

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration FIRST, By-laws Article I Sec)

Assessments & dues

Board of Managers fixes budget and assesses pro-rata according to each Unit's common interest; assessments payable in advance as ordered by Board (By-laws Article VI Section 2)

Special assessments

Board may increase monthly assessments or vote a special assessment if required to meet additional necessary expenses, assessed pro-rata according to common interest (By-laws Article III Section 4 item 1)

Collections & liens

Unpaid common charges constitute a lien on the Unit prior to all other liens except taxes and first mortgage; may be foreclosed like a mortgage; Board may purchase Unit at foreclosure sale; mortgagee acquiring title not liable for prior com (Declaration Article TWELFTH, By-laws Art)

Reserves & fees

Monthly fee of not more than $15 to cover additional expense caused by lack of timely payment (By-laws Article VI Section 2)

Pets

Pets are permitted as they are mentioned in the rules but must not cause damage or nuisance (By-laws Article VIII Section 2 (text: 't)

Leasing & rentals

Unit Owner may sell, lease, mortgage, pledge, hypothecate his Unit subject to right of first refusal by Board and payment of all unpaid common charges; any conveyance in violation is voidable at election of Board (By-laws Article XI Section 1)

Architectural approval

Consent may be requested by certified mail; Board must answer within 60 days; failure to answer means no objection (By-laws Article VIII Section 7)

Maintenance

Exterior maintenance including roofs is a common expense (By-laws Article III Section 5 (text: 'ex)

Insurance

Fire insurance on buildings and common elements for full replacement value; public liability insurance; Board determines limits for liability (By-laws Article VII Section 1)

Use restrictions

Occupancy of the Units shall be restricted to Residential Occupancy in accordance with applicable zoning regulations (Declaration page 7 item (i); By-laws Art)

Voting & meetings

Each Unit Owner shall have one vote for each percentage of common interest set forth in Exhibit B (Declaration Article EIGHTH)

Amendments

Amendment requires consent of Unit Owners; material adverse amendments require agreement of mortgagees representing at least 51% of unit votes subject to first-lien mortgages; amendment must be recorded (Declaration Article TENTH, By-laws Artic)

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