5 Monroe Lane Condominium

Key facts from 5 Monroe Lane Condominium's documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

5 Monroe Lane Condominium

Developer / declarant

5 Monroe Lae LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Page 1: PURSUANT TO ARTICLE 9-B OF THE R)

Assessments & dues

Condominium Board prepares budget and assesses Common Charges to Unit Owners pro rata according to Common Interests. (By-Laws Section 2.4(iv) & (v): to prepar)

Special assessments

Defined and may be assessed by Board. Material amendments include increases over 25%. (Exhibit C(32): Special Assessments shall)

Reserves & fees

Board may establish a twelve-month reserve for contingencies not exceeding ten percent of budgeted operating expenses. Material amendment protections for reduction in reserves. (By-Laws Section 2.5: establish any reser)

Architectural approval

Yes, for alterations, additions, or improvements to any part of Property allocated to a Unit. (By-Laws Section 5.2: subject to the writ)

Home business

Any Unit may be partially used as a professional office by the owner of such Unit only. (By-Laws Section 5.7: Any Unit may be par)

Maintenance

Unit Owner responsible for Unit interior (walls, ceilings, floors, doors, windows, etc.). Condominium Board responsible for Common Elements. (By-Laws Section 5.1: All painting, decor)

Use restrictions

Units used in accordance with local law and zoning; not more than one family may occupy a Unit subject to Board approval. (Declaration Article 9: not more than one)

Voting & meetings

Each Unit Owner casts one vote per percentage of interest owned; cumulative voting allowed. (By-Laws Section 4.9: each Unit Owner ...)

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