17 John Street Condominium

Key facts from 17 John Street Condominium's documents

Community type

condominium (Page 1: ESTABLISHING A PLAN OF CONDOMINI)

Legal name

17 John Street Condominium

Developer / declarant

17 John 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 R)

Assessments & dues

Common Charges and Special Assessments determined by Condominium Board based on annual budget. Special Assessments require approval as per By-Laws. (G-2: Section 2.5(v); G-4: Section 2.5(B))

Special assessments

Allowed; may be levied by Board pro-rata according to Common Interests. Limitations: cannot create reserve fund >10% of budgeted operating expenses without 75% Unit Owner approval. Other limitations during Sponsor control. (F-15: Definition (32); G-4: Section 2.5()

Collections & liens

Board may file a lien against a Unit for unpaid Common Charges; if lien filed, Unit Owner cannot vote until lien released. Also, board may acquire Units through foreclosure or judicial sale. (G-12: Section 4.8(B); F-5: Section 16 an)

Reserves & fees

Board may create reserve fund but subject to limitations: cannot create or add to reserve for contingencies, repairs, replacements other than a twelve-month reserve for contingencies not exceeding 10% of budgeted operating expenses unless d (G-4 to G-5: Section 2.5(B)(iii))

Leasing & rentals

Impliedly allowed; no provision prohibiting leasing, but restrictions: no transient occupants, no portion of Unit may be leased separately. (G-20: Section 5.7(B) prohibits transient)

Architectural approval

Yes, for any alterations, additions, or improvements to Unit or Common Elements; Board approval required. (F-3 to F-4: Section 9; G-15: Section 5.2)

Home business

Partially used as professional office by the owner of such unit only. (G-20: Section 5.7(A): 'Any Unit may be p)

Maintenance

Roof is part of Common Elements; maintenance by Condominium Board as Common Expense. (Implied from definition of Common Elemen)

Use restrictions

Units may be used in accordance with local law and zoning and Certificate of Occupancy. Each Unit may be partially used as professional office by owner only. No more than one family may occupy a Unit. (F-3: Section 9 and F-4; G-20: Section 5.)

Voting & meetings

Each Unit Owner (including Sponsor for Unsold Units) has one vote per Unit owned; in Board elections, each Unit Owner elects one Board Member. No vote if Board has filed a lien and amount not paid at time of meeting. (G-12 to G-13: Section 4.8 and 4.9)

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