30 Ostereh Blvd Condominium

Key facts from 30 Ostereh Blvd Condominium's documents

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

Community type

Condominium

Legal name

30 OSTEREH BLVD CONDOMINIUM

Developer / declarant

30 OSTEREH BLVD. CORP.

Governing law

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

Assessments & dues

Board determines budget for necessary and adequate operation, prorates among units according to common interest (regardless of restricted common elements), payable monthly in advance. (By-laws Article VI Section 2)

Special assessments

Board may levy special assessment if needed; must be paid in same manner as regular assessments. For common element additions/alterations over $5,000 (or $2,500 while Sponsor controls) requires majority Unit Owner approval. (By-laws Article III Section 5(12), Artic)

Collections & liens

Unpaid common charges constitute a lien on the Unit prior to all except taxes and first mortgages. Lien may be foreclosed like a mortgage. Board may purchase Unit at foreclosure sale. If proceeds insufficient, balance charged to other Unit (Declaration Article 11; By-laws Article )

Reserves & fees

Interest at highest legal rate permitted by New York on overdue assessments from due date until paid. (By-laws Article VI Section 2 (last sente)

Leasing & rentals

Leasing is allowed; Unit Owner may lease his Unit, but Board has right of first refusal to buy before any lease? Text garbled. Gifts and wills without restriction. (By-laws Article XI Sections 1,3)

Architectural approval

60 days for Board to answer; failure to respond within stipulated period means no objection. (Declaration Article 17(b))

Maintenance

Roof is common element, thus Association responsibility. (Declaration Article 5: "outside walls an)

Insurance

Board shall obtain fire and extended coverage insurance (including vandalism, malicious mischief) on all units and improvements, with waivers of subrogation, at least $600,000 until first Unit Owners meeting. Also public liability insurance (By-laws Article VII Section 2)

Use restrictions

All Units shall be used for residential purposes only. (By-laws Article VIII Section 2)

Voting & meetings

Each Unit Owner has one vote per percentage of common interest as set forth in Exhibit B (Declaration). By-laws state each Unit Owner entitled to one vote for each Unit. Each Unit appoints a manager who votes. (Declaration Article 8; By-laws Article I)

Amendments

Declaration amendments require 66-2/3% of Unit Owners in number and common interest, and if materially adverse to first lien mortgagees, approval of 51% of unit votes based on first mortgages. Termination requires 80% of Unit Owners in numb (Declaration Article 10(a),(b); By-laws A)

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