3 Laura Place Condominium

Key facts from 3 Laura Place Condominium's documents

Reflects the 2012 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Name: 3 LAURA PLACE CONDOMINIUM)

Legal name

3 LAURA PLACE CONDOMINIUM

Developer / declarant

3 LAURA LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration preamble; Section 12; Sectio)

Assessments & dues

Board determines Common Expenses and assesses Common Charges proportionally to Common Interests of each unit. (By-Laws Sections 6.1, 6.2)

Special assessments

Allowed; defined as charges allocated by Board pro-rata per Common Interests, for purposes including deficiency in trust funds for casualty/condemnation. (Exhibit C(33); By-Laws Section 6.1(C))

Reserves & fees

Board shall not establish any reserves other than a twelve-month reserve for contingencies not exceeding 10% of budgeted operating expenses for the ensuing fiscal year. (By-Laws Section 2.5(B)(iv))

Architectural approval

Yes, Board approval required for any alteration, addition, improvement, or change in layout of a unit. Conditions include no structural impairment, no change to other unit dimensions, no violation of Certificate of Occupancy. (Declaration Section 10; By-Laws Section )

Use restrictions

Each unit to be occupied for residential purposes only. (Declaration Section 9)

Voting & meetings

Each unit owner casts one (1) vote for each percentage of interest owned; cumulative voting allowed. Sponsor votes while owning Unsold Units. (By-Laws Section 4.8(A) and (D); Section )

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