48 Reagan Road Condominium

Key facts from 48 Reagan Road 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

48 REAGAN ROAD CONDOMINIUM

Developer / declarant

Shloime Wosner, 48 Reagan Road, Spring Valley, NY 10977 (Declaration opening paragraph)

Governing law

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

Assessments & dues

Board determines annual budget, total required amount, assesses pro rata according to common interest percentages (By-laws Art VI Sec 2)

Special assessments

Board may levy special assessments for additional necessities; requires majority approval for improvements over $5,000 (or $2,500 while Sponsor in control) (By-laws Art III Sec 5(1), 5(12); Art VI )

Collections & liens

Unpaid common charges constitute a lien prior to all except taxes and first mortgage; may be foreclosed like mortgage; Board may purchase unit at foreclosure (Declaration TWELFTH; By-laws Art VI Sec )

Reserves & fees

Board may charge delinquent unit owner a monthly fee not exceeding $15 (By-laws Art VI Sec 2)

Architectural approval

Written consent required for alterations to exterior, common elements, restricted common elements, or interior alterations impairing structural soundness (Declaration SEVENTEENTH(b); By-laws Art )

Use restrictions

Units shall be used for residential purposes only in accordance with applicable zoning (Declaration SEVENTEENTH(i); By-laws Art )

Voting & meetings

Each Unit Owner has one vote per percentage of common interest; each Unit appoints a Manager to vote at meetings (Declaration EIGHTH; By-laws Art II Sec 5)

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