56 Main Street Condominium

Key facts from 56 Main Street Condominium's documents

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

Community type

Condominium (PAGE 1: DECLARATION ESTABLISHING A PLAN )

Legal name

56 Main Street Condominium

Developer / declarant

SHOLEM POTASH AND IRA DEAN

Governing law

Article 9-B of the Real Property Law of the State of New York (FIRST: Submission of Property... to the )

Assessments & dues

Board determines total required sum, prorates among Units according to their respective common interest percentages. Assessments payable monthly in advance. (ARTICLE VI Section 2: total annual requi)

Special assessments

Board may levy special assessments for additional necessary expenses, payable in same manner as regular assessments. (ARTICLE VI Section 2: 'Special assessmen)

Collections & liens

Unpaid common charges become a lien on the Unit, prior to all liens except taxes and first mortgages. Foreclosure permitted as on real property. Board may purchase Unit at foreclosure sale. (TWELFTH: Common Charges – lien and forec)

Reserves & fees

Board may charge a monthly fee of not more than $15 to cover additional burden of late payment. (ARTICLE VI Section 2: 'The Board may cha)

Pets

Pets are permitted; owners are responsible for conduct of pets. (ARTICLE VIII Section 3: 'Owners of dogs.)

Leasing & rentals

Leasing of Units is allowed, subject to Board's right of first refusal. Unpaid common charges must be paid before conveyance. (ARTICLE XI Section 1: 'The Board of Mana)

Parking & vehicles

Commercial license plate vehicles may not remain in the Community for a period in excess of 24 hours. (ARTICLE VIII Section 8(e): 'Commercial l)

Architectural approval

Written consent of Board required for: (1) alterations to exterior of Unit or any part of common elements, (2) construction of any structure on common or restricted common elements, (3) interior alterations that impair structural soundness. (SEVENTEENTH (b): 'No alterations to the )

Maintenance

Board responsible for maintenance, repairs, replacements to common elements (exterior walls, roof, public utility lines in common elements). Unit Owners responsible for interior repairs, painting, decorating, repairs to windows, doors, heat (ARTICLE III Section 6: 'All maintenance,)

Insurance

Fire insurance with extended coverage, water damage, vandalism, malicious mischief, insuring the Building including all Units and fixtures installed by Sponsor, heating, hot water equipment. Initially at least $600,000 for all Units after a (ARTICLE VII Section 1: 'fire insurance w)

Use restrictions

All Units shall be for residential purposes only. (ARTICLE VIII Section 2: 'All Units shall)

Voting & meetings

Each Unit Owner entitled to cast one vote per Unit owned (except Board may not vote for election of members). Voting may be in person or by proxy. Majority vote decides questions unless otherwise required. (ARTICLE II: Each Unit Owner shall be ent)

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