186 East 2nd Owners Corp.

Key facts from 186 East 2nd Owners Corp.'s documents

Reflects the 1987 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Name: THE LEFT BANK CONDOMINIUM, [[PAGE )

Legal name

THE LEFT BANK CONDOMINIUM

Developer / declarant

SAFE ON 2ND REALTY CO

Governing law

Article 9-B of the Real Property Law of the State of New York ([[PAGE 1]])

Assessments & dues

Board of Managers determines Common Charges required for operation, collected pro-rata according to Common Interest; General Common Expenses may be allocated by sub-metering, contract allocations, usage. (By-Laws Article IV, Section 2(b), [[PAGE)

Special assessments

Board may increase monthly assessments or vote a special assessment in excess of that amount if required. (By-Laws Article IV, Section 2(b), [[PAGE)

Collections & liens

Board may acquire Units at foreclosure or other judicial sale in the name of the Board of Managers or its designee on behalf of all Unit Owners. (By-Laws Article IV, Section 2(i), [[PAGE)

Reserves & fees

Board may establish a reserve for contingencies. However, while Sponsor owns a Unit, Sponsor's consent is needed for creation of or addition to reserve fund exceeding 4% of budgeted expenses. (By-Laws Article IV, Section 2(t)-(u), [[)

Home business

Professional offices allowed if resident, not violating zoning, and with prior written consent of Board of Managers. (Declaration Paragraph 8, [[PAGE 7]])

Signs & flags

Commercial Unit Owner and tenants have right to install illuminated signs on first floor facade, subject to laws and permits. (Declaration Paragraph 8, [[PAGE 7]])

Use restrictions

The Residential Unit (Condo Unit #2) may be used for private residential use. (Declaration Paragraph 8, [[PAGE 7]])

Voting & meetings

Each Unit Owner casts votes appurtenant to its Unit based on percentage of interest in Common Elements (By-Laws Article II, Section 6, [[PAGE 20)

Amendments

Either Unit Owner may amend; no amendment adversely affecting mortgagee's lien without mortgagee consent; no change of percentage of Common Interests without consent of owning unit owner and its mortgagee; non-amending owner consent if adve (Declaration Paragraph 15, [[PAGE 12]])

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