17 Vincent Road Condominium

Key facts from 17 Vincent Road Condominium's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

17 VINCENT ROAD CONDOMINIUM

Developer / declarant

7 VINCENT PROPE A

Governing law

Article 9-B of the Real Property Law of the State of New York (Page 3, Article 1)

Assessments & dues

Board prepares budget, determines Common Charges, allocates pro rata per Common Interest (By-Laws Section 6.1 (Page 38))

Special assessments

Permitted, with 15 days notice (By-Laws Section 6.1(C) (Page 39))

Collections & liens

Lien for unpaid common charges and special assessments; subordinate to real estate tax liens; foreclosable (By-Laws Sections 6.2(A), 6.4(A) (Pages 3)

Reserves & fees

Reserve fund exists; during Sponsor control, cannot assess for reserves beyond 12-month contingency fund not exceeding 10% of budgeted operating expenses (By-Laws Section 2.5(v) (Page 20))

Leasing & rentals

Allowed, subject to right of first refusal and Board approval (By-Laws Article 7 (Pages 41-42))

Architectural approval

Board approval required for alterations, additions, improvements to unit, especially exterior changes if design differs from original (Declaration Article 10(a) (Page 6); By-L)

Home business

Professional office only, no other home business (By-Laws Section 5.7(A) (Page 36))

Insurance

Fire insurance with all risk, vandalism, malicious mischief endorsements covering building and fixtures; liability insurance; rent insurance; workers comp; boiler and machinery insurance (By-Laws Section 5.4(A),(B) (Pages 32-33))

Use restrictions

Units may be used as single family private dwellings; partial professional office allowed (By-Laws Section 5.7(A) (Page 36))

Voting & meetings

Voting rights are appurtenant to each Unit in proportion to its Common Interest. During Sponsor Control, Sponsor may exercise vote and control Board. After Sponsor no longer owns Units, no vote. (By-Laws Sections 2.7, 4.8 (Pages 21, 28))

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