5 Elaine Place Condominium

Key facts from 5 Elaine Place Condominium's documents

Reflects the 2016 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title page: '5 ELAINE PLACE CONDOMINIUM')

Legal name

5 Elaine Place Condominium

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration FIRST: 'submits the property)

Assessments & dues

Board determines budget and levies monthly assessments in advance, pro-rata according to common interest (By-laws Article III Section 4 power 1 an)

Special assessments

Board may vote a special assessment, pro-rata according to common interest (By-laws Article III Section 4 power 1: ')

Collections & liens

Unpaid common charges constitute a lien on the unit, prior except for taxes and first mortgages, foreclosable like a mortgage (Declaration Article TWELFTH)

Reserves & fees

Interest at maximum rate permitted by State of New York; also Board may accelerate at 18% per annum (By-laws Article IX: 'within thirty days )

Pets

Pets allowed implicitly; owners must not permit pets to cause nuisance or interference (By-laws Article VIII Section 3: 'Owners )

Leasing & rentals

Leasing allowed but subject to Board's right of first refusal and payment of common charges; violation voidable at Board's discretion (By-laws Article XI Section 1)

Parking & vehicles

Commercial license plate vehicles may not be parked for more than 24 hours (By-laws Article VIII Section 8(e))

Architectural approval

Written consent of Board required for exterior alterations and interior alterations impairing structural soundness (By-laws Article VIII Section 7)

Maintenance

Unit Owner responsible for interior repairs affecting others; Board responsible for common elements (By-laws Article VIII Section 6(a) (owner)

Insurance

Board shall obtain fire insurance with extended coverage, water damage, vandalism, malicious mischief, insuring building including all units and improvements (By-laws Article VII Section 1)

Use restrictions

Occupancy restricted to Residential Occupancy in accordance with zoning regulations (Declaration Article SEVENTEENTH (i))

Voting & meetings

Each Unit Owner has one vote for each percentage of common interest; each Unit appoints a Manager who votes (Declaration Article EIGHTH: 'Each Unit O)

Amendments

Declaration: vote of 66-2/3% of Unit Owners at meeting with 60 days' notice; By-laws: majority of Unit Owners, but mortgagee consent required for material adverse amendments (Declaration Article TENTH; By-laws Artic)

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