7 Nancy Lane Condominium

Key facts from 7 Nancy Lane Condominium's documents

Reflects the 2019 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

7 NANCY LANE CONDOMINIUM

Developer / declarant

NANCY DEVELOPMENT LLC (Signature page)

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Preamble and Section 2)

Assessments & dues

Board determines Common Charges and Special Assessments. (By-Laws Section 2.4(v))

Special assessments

Special Assessments defined as charges allocated pro-rata according to Common Interests, assessed by Board under By-Laws Section 6.1(C). (Exhibit C Definition (32) and By-Laws Se)

Collections & liens

Board may enforce by legal means and provide notice to mortgagees of unpaid common charges. (By-Laws Section 2.4(xviii) and Article 8)

Reserves & fees

During declarant control, cannot create reserves >5% of estimated Common Expenses for any year. After control, can have 12-month reserve not exceeding 10% of budgeted operating expenses. (By-Laws Section 2.5 and 2.5 limitation ()

Leasing & rentals

Leasing is allowed subject to right of first refusal and Board's power to lease units acquired. (By-Laws Article 7 (Right of First Refusa)

Parking & vehicles

2 parking spaces per unit as limited common elements. (Declaration Section 8(a)(iii))

Architectural approval

Alterations, additions, or improvements to unit or allocated common elements require written Board approval. (By-Laws Section 5.2)

Maintenance

Unit Owner maintains interior of unit (walls, ceilings, floors, fixtures, windows, doors, exposed plumbing, etc.). Condominium maintains Common Elements. (By-Laws Section 5.1)

Insurance

Fire insurance with all risk extended coverage, vandalism, malicious mischief, insuring Building including Units and fixtures initially offered by Sponsor. (By-Laws Section 5.4(A))

Use restrictions

Units may be used in accordance with local law and zoning. Professional office by owner only. Attics cannot be used as habitable space. (By-Laws Section 5.7)

Voting & meetings

Each Unit Owner entitled to one vote per percentage of interest owned; cumulative voting allowed. Sponsor has same voting right as all Unit Owners while owning a Unit. (By-Laws Section 4.8 and 4.9)

Amendments

By vote of all Unit Owners or written consent; Sponsor may amend unilaterally for corrections. Material amendments require consent of eligible mortgage holders representing at least 51% of votes of units subject to mortgages. (Declaration Section 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.