55 Collins Ave Condominium

Key facts from 55 Collins Ave Condominium's documents

Reflects the 2016 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

55 Collins Ave Condominium

Developer / declarant

62 COLLINS LL NX

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Declaration, Section 1, page 3; also Art)

Assessments & dues

Condominium Board determines amount and establishes means and methods of payment of Common Charges and Special Assessments. (By-Laws, Section 2.4(v), page 26)

Special assessments

Special Assessments are charges allocated by the Condominium Board to Unit Owners, pro-rata in accordance with Common Interests (except as otherwise provided). (Exhibit C, definition (33), page 19; By-)

Reserves & fees

While Sponsor has voting control, Sponsor's consent required for creation of reserve fund (Section 2.5(A)(ii)). Additionally, Board shall not establish reserves unless approved by Unit Owners representing at least 75% in Common Interest (Se (By-Laws, Section 2.5(A)(ii) and 2.5(B)(i)

Leasing & rentals

Leasing of entire Unit is permitted (no prohibition); however, no portion of a Unit may be leased or subleased, and no transient occupant (guest) may be accommodated. (By-Laws, Section 5.7(B), page 44)

Architectural approval

Unit Owner may make alterations, additions, or improvements to his Unit only with approval of the Board. (Declaration, Article 9, page 6; By-Laws,)

Maintenance

Unit Owner responsible for painting, decorating, maintenance, and replacements in or to any Unit (including interior walls, ceilings, floors, fixtures, windows, doors, plumbing, etc.). Condominium Board responsible for Common Elements as a (By-Laws, Section 5.1(A)(i) and (ii), pag)

Insurance

Board shall obtain fire insurance with all risk extended coverage, vandalism and malicious mischief endorsements, insuring the Building (including all Units and improvements therein). Also comprehensive general liability insurance and boile (By-Laws, Section 5.4(A) and (B), pages 4)

Use restrictions

Each Unit may be used in accordance with local law, zoning, and Certificate of Occupancy; a Unit may be partially used as a professional office by the owner only. (By-Laws, Section 5.7(A), page 43)

Voting & meetings

Each Unit Owner casts one vote for each percentage of interest owned; in Board elections cumulative voting allowed (one vote per percentage interest, may cumulate for directors). (By-Laws, Section 4.8(A), page 37)

Amendments

Declaration may be amended by vote of at least 67% in number and Common Interest of all Unit Owners cast at a meeting or by written approval. Board may amend without Unit consent to divide into separate boards. Material amendments require c (Declaration, Article 19, pages 9-10)

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