5 Edwin Lane Condominium

Key facts from 5 Edwin Lane Condominium's documents

Reflects the 2006 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

5 EDWIN LANE CONDOMINIUM

Governing law

Article 9-B of the Real Property Law of the State of New York (Preamble, page 1)

Assessments & dues

Board determines amount of Common Charges and Special Assessments (By-laws Section 2.4(A)(v))

Special assessments

Charges allocated and assessed by Board pro-rata according to Common Interests, for capital improvements, deficits, etc. (Exhibit C definition (33))

Collections & liens

Board may perfect a lien against a unit for unpaid common charges; voting rights suspended if lien perfected (By-laws Section 4.8(B))

Reserves & fees

Board may establish reserves; but reserve fund in excess of 5% of estimated Common Expenses requires 75% Unit Owner approval (By-laws Sections 2.4(A)(iii) and 2.5(B)()

Leasing & rentals

Yes; Board may acquire or lease units; also Power of Attorney to Board to lease units (By-laws Section 2.4(A)(xvi); Declaration)

Architectural approval

Board approval required for structural alterations; non-structural alterations may also require Board consent (By-laws Section 5.2(A)(ii) and (C))

Maintenance

Unit Owners: interior of unit, limited common elements (decks, parking areas, etc.). Board: Common Elements. (By-laws Section 5.1)

Insurance

Fire and extended coverage, comprehensive general liability, rent insurance, workmen's compensation, boiler and machinery (By-laws Section 5.4(A) and (B))

Use restrictions

Each Unit may be used in accordance with the use set forth in the Declaration (likely residential) (Declaration Section 9 (incomplete text);)

Voting & meetings

Unit A: 2 votes; Units B and C: 1 vote each. Cumulative voting allowed. Sponsor can cast votes for units it owns. (By-laws Section 4.8(A), Section 4.9)

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