54 Herrick Ave Condominium

Key facts from 54 Herrick Ave Condominium's documents

Reflects the 2008 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Name: 54 HERRICK AVE CONDOMINIUM)

Legal name

54 HERRICK AVE CONDOMINIUM

Developer / declarant

306 HOLDINGS LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Title and Section 2 (Submission of the P)

Assessments & dues

Common charges and special assessments determined by Board, allocated proportionally to common interests (By-Laws Section 2.4(A)(v) and Section 6.)

Special assessments

Allowed by Board per By-Laws Section 6.1(C) (By-Laws Section 6.1(C) and Exhibit C def)

Collections & liens

Board may place lien on unit for unpaid common charges; foreclosure possible (By-Laws Article 7 (referenced))

Reserves & fees

Cannot establish reserves exceeding 5% of budgeted operating expenses for first 12 months without unit owner approval (By-Laws Section 2.5(B)(iv))

Architectural approval

Written approval of Board of Managers required for alterations, additions, improvements to unit or property (Section 10 of Declaration and By-Laws Se)

Home business

Professional office by owner only (By-Laws Section 5.7(A))

Maintenance

Board responsible for common elements including roof (By-Laws Section 5.1(A)(ii))

Insurance

Deductible amounts as determined by Board (By-Laws Section 5.4(C))

Use restrictions

Each unit may be used per local law and certificate of occupancy; occupancy by owner, immediate family, or guests (Section 9 of Declaration and By-Laws Sec)

Voting & meetings

Each unit has one vote; common interest equal percentage 33 1/3% per unit (Section 6(b) of Declaration and By-Laws )

Amendments

Declaration amended by 66 2/3% vote of unit owners in number and common interest; certain amendments require mortgagee consent; also by written consent (Section 19 of Declaration)

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