4 Cedar Lane Condominium

Key facts from 4 Cedar Lane Condominium's documents

Community type

Condominium

Legal name

4 Cedar Lane Condominium

Units / lots

3 Residential Units (as defined in Article 4) plus retail and community facility units referenced in Article 8; Exhibit B lists three units: Unit A (6 bedrooms/3 bath, 2428 sq ft, 25%), Unit B (4/5.5, 5036 sq ft, 50%), Unit C (4/3, 2585 sq (Article 4, PAGE 3; Article 8(a), PAGE 6;)

Developer / declarant

Four Cedar Corp.

Governing law

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

Assessments & dues

Condominium Board determines Common Charges from budget adopted annually, allocated pro-rata according to Common Interests of each Unit (Section 2.2(A)(iv)-(v), PAGE 35-36; Sect)

Special assessments

Allowed; assessed by Condominium Board pro-rata according to Common Interests (except as otherwise provided) (Definitions (33), PAGE 26; Section 2.2(A)

Collections & liens

Condominium Board has a lien on each Unit for unpaid Common Charges and Special Assessments, enforceable by foreclosure (Section 6.3, BY-LAWS, PAGE 30)

Reserves & fees

Board may establish a twelve-month reserve for contingencies not exceeding 5% of budgeted operating expenses; any other reserves require 80% Board vote (Section 2.3(B)(iv), PAGE 37-38)

Leasing & rentals

Yes, subject to restrictions; Units may be leased; Unsold Units may be leased to any person without restriction; other units subject to occupancy restrictions and right of first refusal (Article 8(b)(iii), PAGE 7; Article 7 of )

Architectural approval

Prior written approval of Condominium Board required for structural alterations, additions, improvements, or repairs to a Unit or its appurtenant Limited Common Elements (Section 5.3(A), PAGE 49-50)

Home business

A Unit may be used as a professional or business office only with written consent of Sponsor (during Initial Control Period) or Condominium Board (after), and if such use does not violate certificate of occupancy (Section 5.7(B), PAGE 55)

Signs & flags

Sponsor may place 'for sale', 'for rent' signs and promotional materials on exterior walls and adjacent sidewalk without fee (Article 9(c), PAGE 8)

Maintenance

Unit Owner responsible for interior of Unit (fixtures, windows, doors, etc.) and non-structural maintenance of Limited Common Elements; Condominium Board responsible for General Common Elements, structural maintenance of Limited Common Elem (Section 5.1(A)(i)-(ii), PAGE 47-48)

Insurance

Board may determine deductible amounts; reviews at least once a year (Section 5.4(C), PAGE 53)

Use restrictions

Residential Units (except as to retail and community facility units) may be used only as a residence; Commercial Units may be used for commercial/professional purposes and additional uses listed (Article 8(a), PAGE 6; Article 8(d), PAGE)

Voting & meetings

Each Unit Owner has one vote per Unit owned; Sponsor or its designee may vote Common Interests attributable to Unsold Units for Board members during control period (Section 4.7(A), 4.8, PAGE 45-46)

Amendments

Declaration: amendment requires vote of all Unit Owners (both number and aggregate Common Interests) and written consent of Mortgage Representatives if required; Sponsor may unilaterally amend to reflect unit changes, title insurance, etc. (Article 17, PAGE 15-16; Article 11 of By)

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