50 Francis Place Condominium

Key facts from 50 Francis Place Condominium's documents

Reflects the 2012 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Page 1: "CONDOMINIUM OWNERSHIP")

Legal name

50 Francis Place Condominium II

Developer / declarant

50 Francis 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 )

Assessments & dues

Budget determined by Board; total assessment prorated according to common interest percentages; payable monthly in advance (By-laws Art. VI Sec. 2)

Special assessments

Allowed; levied and paid in same manner as regular assessments (By-laws Art. VI Sec. 2: "Special assessm)

Collections & liens

Unpaid common charges are a lien on the unit prior to all except tax liens and first mortgages; foreclosure allowed in manner of mortgage; attorney fees recoverable but not a lien; foreclosure purchaser not liable for pre-foreclosure charge (Declaration Art. TWELFTH (pages 6-7): "A)

Reserves & fees

Not explicitly required but mentioned as subject of amendment in By-laws Art. X: "reserves for maintenance and replacement of common areas" (By-laws Art. X: list of material amendme)

Pets

Yes, but with restrictions: no illegal, disturbing, or nuisance use; cannot injure reputation of community (By-laws Art. VIII Sec. 3: "Owners of a U)

Use restrictions

Occupancy restricted to Residential Occupancy in accordance with applicable zoning (Declaration Art. XVII(i): "Occupancy of )

Voting & meetings

Each Unit Owner has one vote per percentage of common interest. In meetings, each Unit appoints a Manager who votes. Proxies allowed. (Declaration Art. EIGHTH: "Each Unit Owne)

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