2 Albert Drive Condominium

Key facts from 2 Albert Drive Condominium's documents

Reflects the 2017 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

2 ALBERT DRIVE CONDOMINIUM

Developer / declarant

Albert Avenue Construction Corp. (Declarant paragraph of Declaration)

Governing law

Article 9-B of the Real Property Law of the State of New York (Article 1 of Declaration)

Assessments & dues

Board determines annual budget (operational items, reserves, deficits) and prorates the total among Units according to their common interest. (By-laws Article VI Section 2)

Special assessments

Special assessments may be levied and paid in the same manner as regular assessments. (By-laws Article VI Section 2)

Collections & liens

Unpaid common charges with maximum interest constitute a lien on the Unit, prior to all other liens except tax liens and first mortgage liens. May be foreclosed like a mortgage; association may recover costs and reasonable attorneys' fees. (Declaration Article 12)

Reserves & fees

Not explicitly mentioned; operating account includes 'betterments' but no separate reserve fund specified. (By-laws Article VI Section 2 includes 'r)

Leasing & rentals

Unit Owner may lease Unit provided all unpaid common charges paid (or paid from proceeds). Board's right of first refusal applies to sales, not leases? Actually, Section 1 says 'Selling and Leasing Units' and gives Board right of first refu (By-laws Article XI Section 1)

Insurance

Fire insurance with extended coverage, water damage, vandalism, malicious mischief, covering building including all Units, fixtures, equipment initially installed by Sponsor. Also such other insurance as Board determines. (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 Article 17(i))

Voting & meetings

Unit Owners present in person or represented by written proxy representing at least 51% of the common interest of all Units shall constitute a quorum. (By-laws Article II Section 4)

Amendments

Any amendment of a material adverse change must be agreed to by mortgagees representing at least 51% of the unit votes (based on one vote for each first mortgage owner). Other amendments? Not specified; likely by majority of Unit Owners. Al (Declaration Article 10(i))

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