American Heritage Commons Condominium

Key facts from American Heritage Commons Condominium's documents

Community type

Condominium (Throughout document)

Governing law

New York Condominium Act (Article 9-B of the Real Property Law) (Section II, Definitions; page 1, Introdu)

Assessments & dues

Total common charges for first year estimated at $27,850; per-unit amounts vary by common interest percentage (see Schedule A) (Schedule B: Common Charges $27,850.00; S)

Special assessments

Board may levy special assessments for litigation, non-budgeted items (with Sponsor consent during control period), and emergency repairs (Section XVIII powers item 12 (page 33); )

Collections & liens

Board may foreclose lien like a mortgage; lien prior to all except taxes and first mortgage of record (Section XVIII pages 39-40)

Reserves & fees

Contingency reserve included in Schedule B; Sponsor consent needed to increase reserve beyond budgeted amounts (Schedule B footnote 10; page 30)

Leasing & rentals

Yes, but subject to right of first refusal by contiguous Unit Owners and Board of Managers (Section XVIII: Units can be sold, transf)

Architectural approval

For interior alterations not affecting building/common elements, no approval needed; for division/consolidation affecting structural integrity or aesthetics, Board consent required (Section IX and page 40: Unit Owner may m)

Signs & flags

Sponsor may use signs on common elements for marketing; no explicit restriction on unit owner signs (Section XV, item 10: Sponsor reserves ri)

Maintenance

Common element; Association responsibility (Introduction: common elements include ro)

Use restrictions

No; units may only be used for office, professional and business purposes (Cover page and Special Risks #3: Units m)

Voting & meetings

Each Unit Owner has one vote per Unit (Introduction: Each Unit Owner... will au)

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