5 Emes Lane Condominium

Key facts from 5 Emes Lane Condominium's documents

Reflects the 2019 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

5 EMES LANE CONDOMINIUM

Developer / declarant

5 EMES LLC, with an address at 275 Rutledge Street, Brooklyn, New York 11211 (Preamble, page 4)

Governing law

Article 9-B of the Real Property Law of the State of New York (Article 26, page 12)

Assessments & dues

Common Charges determined by Board based on budget for each fiscal year (By-Laws Section 2.4(v), page 25)

Special assessments

Board may levy Special Assessments (By-Laws Section 2.4(v), page 25)

Collections & liens

Common Charges constitute lien; Board may borrow and create lien on units (Section 2.4(vi)(c)); Special Assessments not paid may become lien; enforcement by action (By-Laws Section 2.4(vi)(c) (page 26) and)

Reserves & fees

Reserve fund allowed; during Sponsor control, limited to 12-month contingency not exceeding 10% of budgeted operating expenses (By-Laws Section 2.5(B)(ii), page 28)

Architectural approval

Yes, Board prior written consent required for alterations to any part of property allocated to unit; exterior alterations also require approval; interior alterations do not require consent (By-Laws Section 5.2(ii) and (iv), page 3)

Maintenance

Unit Owner responsible for interior maintenance; Condominium Board responsible for Common Elements; Unit Owner responsible for Limited Common Elements appurtenant to unit (By-Laws Section 5.1(A) (page 38) and Dec)

Insurance

Condominium Board to obtain all-risk property insurance on building, including units, and comprehensive general liability insurance (By-Laws Section 5.4(A) and (B), page 40-)

Voting & meetings

Each Unit Owner entitled to vote; cumulative voting in Board elections; no vote if Common Charges unpaid; Board cannot vote for units it owns; Sponsor votes as long as owns Unsold Units. (By-Laws Section 4.8 and 4.9, pages 36-37)

Amendments

Board may amend Declaration without unit owner consent to file floor plans; material amendments require at least 80% vote of Unit Owners in number and common interests; By-Laws amendment procedure not detailed (Declaration Article 19, 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.