25 Hoyt Street Condominium

Key facts from 25 Hoyt Street Condominium's documents

Reflects the 2020 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (p. 1: '25 HOYT STREET CONDOMINIUM' and t)

Legal name

25 HOYT STREET CONDOMINIUM

Governing law

Article 9-B of the Real Property Law of the State of New York (p. 1 (Declarant submits property 'PURSUA)

Assessments & dues

Condominium Board determines amount and method of Common Charges and Special Assessments. (Declaration Art. 12? Actually By-laws Se)

Special assessments

Levy allowed by Board for deficits, capital improvements, or insurance deficiencies; during Sponsor control certain restrictions apply. (By-laws Sec. 2.4(A)(v) and Sec. 2.5 (p. )

Collections & liens

Board may enforce by legal means including bringing proceedings. Notice to mortgagees of unpaid common charges. (By-laws Sec. 2.4(A)(xviii) (p. 25-26); S)

Reserves & fees

Special assessments for reserves prohibited during Sponsor control except for law compliance or health/safety; after Sponsor control, 75% vote required for capital improvement assessments. (By-laws Sec. 2.5(ii) (p. 26-27) and Sec.)

Leasing & rentals

Not prohibited; Board has right of first refusal under Art. 7 of By-laws, and can acquire units for lease. (By-laws Art. 7 'Right of First Refusal' )

Architectural approval

Board approval required for alterations, additions, or improvements to common elements or any part allocated to a Unit; changes to layout require Board approval; interior alterations may be done without approval subject to conditions. (By-laws Sec. 5.2 (p. 37-38); Declaration)

Maintenance

Unit owners maintain their Units and Limited Common Elements; Board maintains Common Elements. (By-laws Sec. 5.1 (p. 36-37): 'all painti)

Insurance

Deductible amounts as determined by the Condominium Board. (By-laws Sec. 5.4(C) (p. 40): 'Any insura)

Use restrictions

Units are described as residential, and use is limited to residential purposes (implied by definition of 'Units' and no commercial use mentioned). (p. 4: 'two (2) residential Units'; By-la)

Voting & meetings

Each Unit Owner (including Sponsor) casts one (1) vote per Unit owned in all votes; in Board elections each Unit Owner elects one Board Member. (By-laws Sec. 4.8(A) and (B) (p. 35-36); )

Amendments

Declaration may be amended by vote of all Unit Owners; Board may amend for ministerial purposes without vote; certain material changes require consent of eligible mortgagees representing at least 51% of unit estates subject to mortgages. (Declaration Sec. 19 (p. 9-10))

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