54 Decatur Ave Condominium

Key facts from 54 Decatur Ave Condominium's documents

Reflects the 2020 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

54 DECATUR AVE CONDOMINIUM

Developer / declarant

54 DECATUR, LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Page 1)

Assessments & dues

Board adopts budget and assesses Common Charges pro-rata in accordance with Common Interests (By-laws Section 2.4(iv), (v))

Special assessments

Charges allocated and assessed by Board pro-rata in accordance with Common Interests, as per By-laws Section 6.1(C) (Definitions (33), By-laws Section 6.1(C))

Collections & liens

Board may perfect a lien against a unit for unpaid common charges; Board may obtain release of judgment or other lien against unit owner's unit (By-laws Section 4.8(B), Section 2.4(viii)

Reserves & fees

Board may establish a reserve fund for capital expenditures not exceeding ten percent of operating expenses for ensuing twelve months; Sponsor cannot establish reserves other than a 12-month contingency reserve not exceeding 10% of budgeted (By-laws Section 2.4(xii), Section 2.5(B))

Leasing & rentals

Yes, subject to Right of First Refusal by Condominium Board (By-laws Article 7 (Selling and Leasing o)

Architectural approval

Board approval required for alterations to exterior of Unit if design differs from original; Board must respond within 15 business days, failure to respond deemed approval; also approval for changes to part of property appurtenant to unit (Declaration Article 10, By-laws Section )

Maintenance

Not explicitly allocated; implied as Common Element maintained by Board (By-laws Section 5.1(A)(ii))

Insurance

Fire insurance with extended coverage, vandalism, malicious mischief, covering building and improvements (excluding personal property of owners); comprehensive general liability insurance; rent insurance; workmen's compensation; boiler and (By-laws Section 5.4)

Use restrictions

Each Unit may be used in accordance with local law and zoning regulations and Certificate of Occupancy; not more than one family may occupy a Unit at one time (Declaration Article 9)

Voting & meetings

Each Unit Owner casts one vote for each percentage of interest owned; cumulative voting allowed; Sponsor controls board as long as owns majority of units (By-laws Section 4.9(A), Page 30-31)

Amendments

Declaration may be amended by vote of at least 66 2/3% in number of all Unit Owners, or by written consent of 66 2/3% in number and common interest; material amendments require consent of eligible mortgage holders representing 51% of votes (Declaration Article 19)

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