18 Hammond Street Condominium

Key facts from 18 Hammond Street Condominium's documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

18 HAMMOND STREET CONDOMINIUM

Developer / declarant

CHAI X CHAI LLC (Declaration, at [[PAGE 2]] (page F-1))

Governing law

Article 9-B of the Real Property Law of the State of New York (New York Condominium Act) (Preamble, at [[PAGE 1]]; also referenced)

Assessments & dues

Condominium Board of Managers determines Common Charges pro rata based on Common Interests; budget adopted each fiscal year; set to meet anticipated Common Expenses and reserve (By-laws Section 2.4(A)(iv), (v), at [[PA)

Special assessments

Permitted; Condominium Board of Managers may levy Special Assessments against Unit Owners pro rata (except as otherwise provided); requires approval of all Board members if over $5,000 in a fiscal year? See borrowing limits; also during ini (By-laws Section 2.4(A)(v), Section 2.5(A)

Collections & liens

Board may perfect a lien against a Unit for unpaid Common Charges, and if perfected, the Unit owner may not vote; enforcement by legal means (By-laws Section 4.8(B), at [[PAGE 36]]-[)

Reserves & fees

Board shall establish a reserve fund limited to capital expenditures not exceeding 10% of budgeted operating expenses for next 12 months; during sponsor control, reserve cannot be established unless required by law or for health/safety (By-laws Section 2.4(A)(xii), Section 2.5)

Leasing & rentals

Yes, subject to Right of First Refusal as set forth in By-laws Article 7 (not fully quoted but referenced) (By-laws Table of Contents, Article 7 "Le)

Architectural approval

Yes; prior written consent of Condominium Board of Managers required for alterations, additions, improvements to any part of the property allocated to a Unit, including changes to layout or exterior; for changes to interior, consent is deem (Section 10, at [[PAGE 6]]-[[PAGE 7]] (F-)

Home business

Not specifically addressed; general use limited to residential per local law and CO (Section 9, at [[PAGE 6]] (F-4))

Maintenance

Unit Owner responsible for maintenance, repair, and replacement of interior of Unit (walls, ceilings, floors, fixtures, windows, doors, exposed plumbing, etc.); Condominium Board responsible for Common Elements maintenance as Common Expense (By-laws Section 5.1(A), (B), at [[PAGE 3)

Insurance

Board may determine deductible amounts; shall review annually (By-laws Section 5.4(C), at [[PAGE 42]] ()

Use restrictions

Each Unit may be used in accordance with local law and Certificate of Occupancy, not more than one family per Unit (Section 9, at [[PAGE 6]] (F-4))

Voting & meetings

Each Unit Owner (including Sponsor or its designee so long as owning Units) entitled to one vote per percentage of common interest owned; cumulative voting allowed; Board members elected by majority of votes cast at meeting with quorum (By-laws Section 4.8, at [[PAGE 36]]-[[PA)

Amendments

Declaration may be amended by vote of Unit Owners representing majority of Common Interests and majority of Unit Owners in number, except certain provisions require consent of mortgagees (51% of votes of mortgaged units) for material amendm (Section 19, at [[PAGE 10]]-[[PAGE 11]] ()

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