43 Paiken Drive Condominium

Key facts from 43 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

43 PAIKEN DRIVE CONDOMINIUM

Developer / declarant

EDITH WAGSCHAL (Page 4, Declaration; page 12 signature)

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Page 4, top; Section 1; also referenced )

Special assessments

Board may levy Special Assessments pro-rata according to Common Interests (Definitions (33) page 20; Section 2.4(v))

Collections & liens

Board may perfect a lien against a unit for unpaid common charges (implied from Section 4.8(B) where unit owner cannot vote if lien perfected); also Article 8 mentions notice of unpaid common charges and default. (Section 4.8(B) page 37; Article 8 (pages)

Reserves & fees

While sponsor has control, Board cannot establish reserves other than a twelve-month reserve for contingencies not exceeding 5% of budgeted operating expenses. (Section 2.5(B)(iv) (page 29))

Architectural approval

Alterations, additions, improvements to any part of the property (except interior of unit) require written approval of Board of Managers. Interior alterations allowed without approval, but any modification affecting other units or structura (Section 9 (pages 6-7) and Section 5.2 (p)

Maintenance

Unit Owner responsible for maintenance, repair, replacement of interior of unit, interior surfaces, fixtures, appliances, and cleaning exterior glass; also for painting, cleaning, patching, surface repair of limited common elements (decks). (Section 5.1 (page 38-39) and Section 8(c)

Insurance

Board shall maintain fire insurance with all risks coverage including vandalism and malicious mischief, covering building, improvements, fixtures; also general liability insurance, rent insurance, worker's compensation, boiler and machinery (Section 5.4 (pages 40-41))

Voting & meetings

Each unit owner gets one vote per unit owned; cumulative voting allowed for board elections; sponsor gets votes for unsold units; board members elected by majority of votes cast; each owner casts one vote for each unit owned; in board elect (Section 4.8 and 4.9 (pages 36-37))

Amendments

Amendments require consent of 66 2/3% in number and common interest of all unit owners, except mortgagee consent if lien affected. Sponsor can amend to complete incomplete aspects without vote. Board may amend to divide into separate boards (Section 20 (pages 10-11))

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