37 Paiken Drive Condominium

Key facts from 37 Paiken Drive Condominium's documents

Reflects the 2009 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

37 PAIKEN DRIVE CONDOMINIUM

Developer / declarant

NATHAN HIRSCH

Governing law

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

Assessments & dues

determined by Condominium Board based on estimated common expenses (By-Laws Section 2.4(A)(ii) and Section 6)

Special assessments

allowed; assessed pro-rata based on common interests; may be levied for capital improvements, deficiency in trust funds, etc. (Declaration Exhibit C (33); By-Laws Sect)

Collections & liens

Board may perfect a lien against a unit for unpaid common charges and may foreclose (By-Laws Section 4.8(B) and Article 8)

Reserves & fees

allowed; during Sponsor control, cannot exceed five percent (5%) of estimated common expenses without Sponsor's consent (By-Laws Section 2.5(A)(ii))

Leasing & rentals

units may be occupied only by the owner thereof or his permitted lessee and members of their immediate family (Declaration Section 9)

Architectural approval

alterations, additions, or improvements to units that change layout or affect structure or common elements require written approval of Board of Managers (Declaration Section 10(a); By-Laws Secti)

Maintenance

owner responsible for interior of unit (walls, ceilings, floors, fixtures, windows, doors, plumbing) and limited common elements; association responsible for common elements (By-Laws Section 5.1(A))

Insurance

property insurance on building (minimum 80% replacement cost), general liability ($500,000 aggregate minimum until first regular meeting), rent insurance, workers compensation, boiler and machinery insurance; cross-liability coverage (By-Laws Section 5.4)

Use restrictions

each unit may be used in accordance with the use permitted by law, regulations, and certificate of occupancy; not more than one family per unit at a time, except for accessory apartment (Declaration Section 9)

Voting & meetings

Each unit owner casts one vote per unit owned; cumulative voting for board elections; Sponsor votes as long as it owns unsold units (By-Laws Section 4.8 and 4.9)

Amendments

by vote of at least 66 2/3% in number of all Unit Owners at a meeting; certain amendments (affecting voting rights, assessments, insurance, leasing, etc.) require at least 51% of unit owner votes? Also Sponsor may amend to file floor plans (Declaration Section 19)

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